Local governments do this by engaging valuation contractors, most of whom possess the necessary accreditation required for appropriate financial reporting.
Employing accredited valuers ensures that professionals possess the required skills, knowledge and ethical standards to conduct valuations accurately and in accordance with Australian Accounting Standards and Local Government Regulations.
The engagement of non-accredited valuers raises concerns about the accuracy and reliability of valuations which may result in poor outcomes for local governments such as financial discrepancies.
To safeguard the integrity of financial reporting, the department encourages local governments to undertake the following steps:
The department encourages local government to take proactive steps to resolve any issues that may arise. This will ensure substantial long-term benefits, including the accuracy and credibility of financial information, and the minimisation of any risks associated with audits.
The Western Australian Local Government Association has confirmed that the nine suppliers on the Valuation Category of the Professional Services Panel are appropriate for local governments undertaking valuations.
These can be accessed via the WALGA website.
The Guide to Valuation and Depreciation may be helpful for local governments.
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