The agreed definition of what an advisory assignment will and will not cover.
Related terms
- Terms of engagement
The written agreement setting out the scope, basis, purpose, assumptions, and fee of a valuation instruction, agreed with the client before work begins; requir…
- Terms of reference
The document defining the objectives, scope, and deliverables of an engagement.
- Assumption vs special assumption
An assumption is a matter accepted as true without specific investigation that reflects the likely facts; a special assumption departs from those facts (e.g.
- Assumptions register
A documented list of the assumptions underpinning an analysis, with sources.
- Caveat
A stated limitation on the reliability or applicability of an analysis.
- Client brief
The statement of a client needs and objectives that frames an engagement.
- Conflict of interest
A situation where a party obligations or interests compromise their objectivity.
- Continuing professional development (CPD)
The ongoing training and learning that professionals must complete each year to keep their skills current and maintain chartered status; RICS requires a minimu…