Application Kit. A Guide to the AICPA Accredited in Business Valuation Credential

Transcription

1 Application Kit A Guide to the AICPA Accredited in Business Valuation Credential

2 Copyright 2015 American Institute of CPAs. All rights reserved. DISCLAIMER: The contents of this publication do not necessarily reflect the position or opinion of the American Institute of CPAs, its divisions and its committees. This publication is designed to provide accurate and authoritative information on the subject covered. It is distributed with the understanding that the authors are not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought. For more information about the procedure for requesting permission to make copies of any part of this work, please copyright@aicpa.org with your request. Otherwise, requests should be written and mailed to the Permissions Department, AICPA, 220 Leigh Farm Road, Durham, NC

3 Table of Contents Introduction...2 Objectives of the Program...2 How the ABV Credential Will Enhance Your CPA Practice...2 Benefits of FVS Section Membership...3 Benefits of the ABV Credential...3 ABV Credential Requirements...4 ASA Credential Holders Application Process...7 ABV Credential Application Audit...8 Receiving the ABV Credential...9 ABV Credential Recertification Requirements...9 Additional Information...10 Frequently Asked Questions Regarding the ABV Credential...10 ABV Credential Application...12 APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 1

4 Introduction The American Institute of CPAs (AICPA) established the Accredited in Business Valuation (ABV ) credential program in 1998 for CPAs who specialize in valuation. The ABV credential is granted exclusively to CPAs who demonstrate considerable expertise in valuation through their knowledge, skill and experience. This guide provides information on how to obtain the ABV credential. Objectives of the Program The objectives of the ABV credential program are to: Enhance the quality of valuation services ABVs provide Increase practice development and career opportunities for ABVs Promote members services through the Forensic and Valuation Services (FVS) website Achieve public recognition of the ABV as the preferred valuation professional How the ABV Credential Will Enhance Your CPA Practice CPAs who provide valuation services obtain the ABV credential because it: Positions the credential holder as a premier valuation services provider Enhances the practitioner s image as a competent, trustworthy valuation expert Promotes a greater level of confidence for current and potential clients Demonstrates commitment to continuously improving valuation skills and expertise, resulting in increased professional competency Offers greater revenue opportunities valuation consistently has been in the top three growing service areas in the Accounting Today profile of Top 100 Firms Expands opportunities for referrals from other practitioners, strategic partners, attorneys and clients Includes you in a community of CPA valuation professionals with similar interests and practices Distinguishes your practice with the powerful combination of the CPA brand and the ABV credential APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 2

5 Benefits of FVS Section Membership AICPA OFFERS ABV CREDENTIAL HOLDERS AUTOMATIC FVS SECTION MEMBERSHIP, WHICH INCLUDES: Practice Aids and Other Non-Authoritative Guidance Guidance on forensic- and valuation-related technical issues, such as valuations for estate and gift tax, intellectual property, mergers and acquisitions disputes, economic damages and litigation support services Webcasts Topics include forensic- and valuation-related technical issues, as well as hot topics that affect niche practices. FVS Section members receive 4 free events with up to 8 hours of CPE. FVS Consulting Digest Quarterly newsletter with articles on forensic and valuation technical issues as well as applicable practice management issues Conference Discounts Discounted rates at the AICPA FVS educational conferences, such as the Annual AICPA Forensic and Valuation Services Conference, biennial AICPA Family Law Conference, biennial AICPA/AAML National Conference on Divorce, the AICPA Business Valuation School and the AICPA Expert Witness Skills Workshop Exclusive FVS Website Content Access to articles, case studies, checklists, worksheets and tools Professional Resource Discounts FVS members benefit from vendor discounts and special offers on selected products and publications Regulatory Insight Timely information on this field s complex laws and regulations Networking Opportunities Invaluable opportunities to help CPAs collaborate and share best practices through participation in the Conference Town Hall Sessions, ABV and CFF Champion Programs, AICPA FVS Section Member LinkedIn Subgroup and more Advocacy Support regarding federal regulatory issues that impact CPA professionals who specialize in forensic and valuation services Marketing Assistance Creative ideas for marketing and managing an FVS practice Benefits of the ABV Credential ABV Marketing Toolkit Designed to help ABV credential holders market their skills and build their valuation practices Public Awareness Program The AICPA s ongoing media relations campaign heightens the awareness of the ABV credential among clients, the business and legal communities and various media outlets Recognition at the AICPA National FVS Conferences Networking opportunities with other ABV credential holders Find an ABV An online directory of all ABV credential holders, which is also available to the public Professional Discounts ABVs also benefit from vendor discounts and special offers on selected products and publications used in their valuation practices APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 3

6 ABV Credential Requirements THE ABV CREDENTIAL IS EXCLUSIVELY GRANTED BY THE AICPA TO QUALIFIED CPAS. TO QUALIFY, AN ABV APPLICANT MUST: 1. Maintain AICPA membership in good standing. 2. Hold a valid and unrevoked CPA certificate or license issued by a legally constituted state authority. 3. Pass the ABV Examination and meet minimum business experience and education requirements. The business experience and education requirements must have been completed within five years of applying for the ABV credential. 4. Complete the ABV credential application and pay the respective credential fee of $360*. 5. Sign a Declaration of Intent to comply with the ABV recertification requirements. *Credential fees may vary based upon current level of membership. THE EXAMINATION REQUIREMENT There are two ways to satisfy the examination requirement: 1. Pass the 6-hour ABV Examination; or 2. Hold the ASA or AM credential awarded by the American Society of Appraisers For more information about the AICPA s ABV Examination, including exam fees, the registration and scheduling process, the Content Specification Outline (CSO), exam preparation and receiving exam results, please visit aicpa.org/abvexam. Have questions? Call or submit an to ABV@aicpa.org THE BUSINESS EXPERIENCE REQUIREMENT There typically are three venues through which an ABV credential candidate may successfully obtain business experience: Via the public accounting and/or consulting arena Via the business and industry field Via academia 1. Public Accounting and/or Consulting: A credential candidate will successfully complete the requirement by obtaining at least 150 hours of experience or completing six business valuation engagements where the valuation analyst demonstrated competence to make an assessment of appropriateness regarding the choices of approaches and methods, an assessment on inputs to models, and an assessment of the reasonableness and appropriateness of the conclusion of the valuation while using professional judgment. This experience must have been obtained within the five-year period preceding the date of the credential application. Examples of this type of experience include, but are not limited to: Employees in or proprietors of a public accounting firm Employees of a consulting firm that is not a public accounting firm Auditors for Fair Value for Financial Reporting: Auditors completing reviews of fair value for purposes of financial reporting whereby the auditor performs tasks consisting of recalculation of the discount rates, capitalization rates, and verifying models on calculations of value using professional judgment APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 4

7 2. Business & Industry: A credential candidate will successfully complete the requirement by obtaining at least 150 hours of business valuation experience. The valuation analyst must demonstrate competence to make an assessment of appropriateness of the choices of approaches and methods, an assessment on inputs to models, and an assessment of the reasonableness and appropriateness of the conclusion of the valuation while using professional judgment. This experience must have been obtained within the five-year period preceding the date of the credential application. Examples of this type of experience include, but are not limited to: Employees working in a private equity group, investment bank or venture capital firm Employees working in a company s corporate development (i.e., M&A) department Employees performing analytical work in any merger, acquisition or deal-making setting Employees working for a research or publishing entity performing merger, acquisition or similar work 3. Academia: A credential candidate will successfully complete the requirement by demonstrating competence to serve as an instructor who has taught at least four accredited college courses covering at least 50% of the material included in the business valuation body of knowledge indicated in the ABV Exam Content Specification Outline. This experience must have been obtained within the five-year period preceding the date of the credential application. Additionally, while gaining experience to meet ABV credential requirements, one must exhibit professional competence as noted in Paragraph 11 of Statement on Standards of Valuation Services No. 1 ( SSVS1 ). This paragraph reads as follows: The General Standards Rule of the code (ET sec and ) states that a member shall undertake only those professional services that the member or the member s firm can reasonably expect to be completed with professional competence. Performing a valuation engagement with professional competence involves special knowledge and skill. A valuation analyst should possess a level of knowledge of valuation principles and theory and a level of skill in the application of such principles that will enable him or her to identify, gather, and analyze data, consider and apply appropriate valuation approaches and methods, and use professional judgment in developing the estimate of value (whether a single amount or a range). An in-depth discussion of valuation theory and principles, and how and when to apply them, is not within the scope of this statement. Experience gained for the purposes of meeting the ABV credential requirements can be obtained through a variety of engagements or work responsibilities. They include, but are not limited to: Mergers & acquisitions, spin-offs and liquidations Reorganizations and bankruptcies Initial public offerings (IPOs) Damages litigation and ownership disputes Fairness opinions Estate, gift and income tax Ad valorem taxes Insurance claims Marital dissolution Dissenter s rights Eminent domain actions Shareholder oppression cases Employee Stock Ownership Plans (ESOPs) Financial reporting Charitable contributions Allocation of purchase price Goodwill impairment Buy/sell agreements Family limited partnerships Recapitalizations Financing Business planning Stock option plans Compensation 1 1 List of valuation areas obtained from Understanding Business Valuation, Gary Trugman, 3rd edition, 2008, pg. 3 and Financial Valuation: Applications and Models, James Hitchner, 2nd edition, 2006, pg. 2. APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 5

8 Examples of methods used on such engagements include, but are not limited to: Cash Flow Valuation Analyze the historical performance of the business; estimate the cost of capital; calculate the value of the cash flow stream; and interpret the results Specialized Valuation Skills and Training Security market options; research techniques and research tools; company, industry and economic data analysis; valuation calculations and conclusions; engagement reporting; and Code of Professional Conduct and Professional Standards Analysis of Financial Information Linkage between purpose for the valuation, standard of value and ownership; and sources and uses of industry financial and operating data Financial Forecasting Statistical techniques: simple and multiple regressions; time series analysis; AICPA Prospective Financial Reporting Guidelines; determining and documenting significant forecast assumptions; company and industry data; and sources and uses of economic data Estimating Cost of Capital (Discount and Capitalization Rates) Understanding the sources and limitations of data; security market line; market efficiency, theoretical underpinning of discount and capitalization rates capital asset pricing model, multi-factor models, difference and similarities of CAPM and the build-up method; sources of small-firm risk premiums, firm-specific risk premium and other adjustments to cost of capital (when and how); Beta understanding the sources and calculations, R-squared and other potential limitations; estimating Beta for privately owned companies, including guideline companies levered Beta (bl) and Guideline Companies Proxy unlevered Beta (bu) Selecting and Evaluating Guideline Company Data Screening and selection process; goodness of fit issues; guideline companies; data to use and the proper use of the data; linkages between the Standard of Value, purpose for the valuation, selection of guideline companies and specific data; court cases involving acceptance and rejection of guideline company data Determining the Proper Valuation Discounts or Premiums Reasons for discounts and premiums such as marketability and control issues; Standard of Value, purpose for the valuation, ownership issues and the proper usage of discounts; sources for estimating discounts such as identifying and understanding the empirical research of liquidity and control issues; and methods used to select and apply proper discounts and premiums Linkages Between Approaches, Standards of Value Purpose of Valuation and Discounts Income methods; market methods; asset-based methods; liquidity and marketability issues; control and minority ownership positions; fair market value, investment value and fair value Entity and Specialized Industry Issues ESOP plans; Family Limited Partnerships; medical practices; professional service business, other service businesses; start-up, research and development, or technologybased businesses; initial public offering (IPO) candidates; merger and acquisition valuation engagements; real estate or other holding companies; and specialized industries (construction, retail, restaurants, etc.) Report Preparation and Engagement Administration Awareness of appropriate SSVS1 reporting standards; proper documentation of research; presentation of and support for the valuation conclusion; sufficient and competent evidential matter; guidelines for work paper and supporting documentation; and engagement letters and letters of representation Litigation and Dispute Resolution Services Rules of evidence; qualifications of experts; roles of the consulting expert and the testifying expert; and depositions and court testimony APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 6

9 THE EDUCATION REQUIREMENT An ABV candidate must have a minimum of 75 hours of valuation-related continuing professional education (CPE). All hours must have been obtained within the five-year period preceding the date of the credential application. The education requirement is designed to maintain your competency by requiring timely updates of existing business valuation knowledge and skills, and to provide a mechanism for monitoring your competency-maintenance efforts. CPAs are responsible for complying with all applicable CPE requirements, rules and regulations of state boards of accountancy, as well as those of membership associations and other professional organizations. Visit aicpa.org/cpe to become familiar with the CPE Standards issued by AICPA and NASBA, learn the CPE requirements for AICPA members, and find out the specific CPE requirements for each state board and society. The following categories of education are eligible: CPE will be given for formal educational programs of learning in self-study or group-study format on topics relevant to the ABV body of knowledge Approved Courses at an Accredited University or College. For university or college courses taken in topics relevant to the ABV body of knowledge Presenting Continuing Education Courses. Instructors receive credit for the preparation and presentation of CPE courses and technical papers on topics relevant to the ABV body of knowledge Authoring. Articles and publications in topics related to the ABV body of knowledge are subject to a maximum of 30 hours For a listing of the applicable BV knowledge and skills utilized to meet the educational requirements, see the examples of methods used in BV engagements listed above in the Business Experience Requirement section and the ABV Exam Content Specification Outline. ASA Credential Holders Application Process The ABV Exam is waived for a CPA holding a current Accredited Senior Appraiser (ASA) or Accredited Member (AM) credential provided by the American Society of Appraisers. The ASA or AM credential holder must then: 1. Maintain AICPA membership in good standing. 2. Hold a valid and unrevoked CPA certificate issued by a legally constituted state authority. 3. Complete the ABV credential application. 4. Pay $360 ABV credential fee.* 5. Comply with ABV credential recertification requirements listed on page 9. *Credential fees may vary based upon current level of membership. APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 7

10 ABV Credential Application Audit A sample of accepted applications are selected for a random audit. Any misrepresentations or incorrect information provided to the AICPA can result in disciplinary action, including suspension or revocation of eligibility and/or credential. In the event of an audit, documentation of Business Experience and Education will be required. The AICPA recommends maintenance of the following records: BUSINESS EXPERIENCE Dates of engagement Role in the engagement Type of industry Type of entity EDUCATION For CPE, approved courses at a university, other continuing-education courses and trade association conferences Title of course/session Related body of knowledge subject matter Sponsor of course Name of college/university Format of course Date(s) Number of CPE credits, hours attended, semester credits, etc. For Presenting Title of program/session Related body of knowledge subject matter Number of CPE credits awarded to participants or length of presentation Date(s) Location of the presentation For Authoring Title of work Related body of knowledge subject matter Name of publisher Type of publication Date published Number of hours to prepare APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 8

11 Receiving the ABV Credential After receiving notification of successfully passing the exam and meeting all other requirements, apply for the ABV credential using the online application at aicpa.org/abv or complete the ABV credential application found in this application kit. Once documentation and payment has been submitted and approved by the AICPA, the candidate will be notified. At that time, the candidate will be eligible to use the ABV credential in compliance with the rules of the state board(s) of accountancy for the state(s) in which he or she practices. The candidate is not authorized to use the credential until he or she receives this notice. At the candidate s request, the successful candidate s state society will be notified that the candidate has been granted the ABV credential so this information can be promoted in the state society s newsletters. An ABV credential certificate will be sent to the successful candidate under separate cover. ABV Credential Recertification Requirements To maintain the credential, ABV credential holders must continue to pay the appropriate annual credential fee and meet the following recertification requirements every three years: 1. Maintain AICPA membership in good standing 2. Hold a valid and unrevoked CPA certificate or license issued by a legally constituted state authority 3. Obtain at least 60 hours of valuation-related education over the preceding three years (Note: Authoring or publishing articles is limited to 24 hours. Classes taught or lectures given are limited to 36 hours.) 4. Submit electronic intent to continue to comply with all recertification requirements. APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 9

12 Additional Information For more information about the ABV credential program, contact the AICPA. Call: ABV Member Service at (M F 9am 6pm ET) Write: AICPA ABV credential American Institute of CPAs 220 Leigh Farm Road Durham, NC ATTN: Member Service ABV@aicpa.org Visit: aicpa.org/abv Frequently Asked Questions Regarding the ABV Credential Q. How does the ABV credential differ from other valuation credentials? A. The ABV, unlike other valuation credentials, is awarded only to CPAs who are members of the AICPA. Accordingly, this credential represents the highest professional standards of any valuation credential and sets the ABV credential holder apart from other valuation experts. Q. Do I have to be a CPA and a member of the AICPA to qualify? A. Yes. To qualify for the ABV credential, you must be an AICPA member in good standing and hold a valid and unrevoked CPA certificate issued by a state authority. The ABV credential is granted exclusively by the AICPA. Q. How much will it cost to apply for the ABV credential? A. Once you have met all of the requirements to become an ABV, the standard initial pricing for the ABV credential is $360 unless you qualify for one of the exceptions listed below: If you hold another AICPA credential, then the initial price is $210 (promo code MultiCred) If you are a member of the FVS Section, then you will receive a credit for a pro rata portion of your remaining annual FVS membership fee. (The actual cost will be somewhere between the $360 standard price and $145, depending on the number of months remaining in your annual FVS membership period.) Q. Do I have to take an examination to qualify for the ABV credential? A. There are two ways to satisfy the examination requirement: 1. Pass the ABV (6-hour) Examination 2. Hold the Accredited Senior Appraiser (ASA) or Accredited Member (AM) credential issued by the American Society of Appraisers Q: Does experience performing valuation services as an employee of a financial services firm that is not an APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 10

13 accounting firm (i.e., a consulting firm, litigation support firm, private equity firm, investment bank, etc.) qualify to fulfill the experience requirement? A: Yes, as long as valuation services performed by the analyst meet the definition of valuation services described under the Business Experience Requirement section. Q: Does experience reviewing valuations as an auditor in a CPA firm qualify to fulfill the experience requirement? A: Experience gained by reviewing valuations as an auditor in a CPA firm would qualify toward meeting the 150-hour experience requirement. For the experience to apply, the candidate auditor must use methods as part of the review process whereby the auditor performs recalculation of the discount rates, capitalization rates, and/or verifies models on calculations of value using professional judgment. Q: Does experience performing valuation services as an employee of a reporting entity for the purpose of fair value accounting measurement and disclosure qualify to fulfill the experience requirement? A: Yes, as long as valuation services performed by the analyst meet the definition of valuation services described under the Business Experience Requirement section. Q: Does experience performing valuation services for the purpose of litigation and arbitration (including bankruptcy, commercial litigation, marital dissolution, etc.) qualify to fulfill the experience requirement? A: Yes, as long as valuation services performed by the analyst meet the definition of valuation services described under the Business Experience Requirement section. However, due to the reporting exemption from SSVS1 for controversy proceedings, not all engagements will result in a report that meets SSVS1 reporting standards. Accordingly, the candidate may need to provide additional support that demonstrates work experience in this area under SSVS1. The additional support required, if any, will be determined by the ABV Credential Committee on a case-by-case basis. Q: Does experience performing valuation services as an employee of a private company for the purpose of management planning (including acquisitions, divestitures, investment decisions, investment performance evaluation, etc.) qualify to fulfill the experience requirement? A: Yes. If the work product culminated in the expression of either a conclusion of value or a calculated value and meets the definition of valuation services described under the Business Experience Requirement section, the valuation services qualify to fulfill the experience requirement. Q: Does the analysis and work product of the candidate need to be reviewed by a CPA or CPA/ABV (or equivalent credential holder) in order to qualify to fulfill the experience requirement? A: The work product of a sole practitioner, partner, or someone else in a role that does not require the review of a direct supervisor does not need to be reviewed by another qualified CPA/ABV. The candidate would qualify as long as he/she has successfully completed the required level of experience stated in the Business Experience Requirement section. However, the candidate should be aware that applications are selectively audited to ensure compliance with the ABV credential requirements. APPLICATION KIT: A GUIDE TO THE AICPA ACCREDITED IN BUSINESS VALUATION CREDENTIAL 11

14 Credential Application All applicants must be AICPA members in good standing. APPLICANT PROFILE home business Member Name: AICPA Membership No. Firm or Organization: Address: City: State: ZIP: Telephone: Fax No. Address: Country Apply Online Today! Visit us at: aicpa.org/abv and click on Join. Mail application and payment to: ATTN: Member Service ABV credential AICPA 220 Leigh Farm Road Durham, NC Or fax to: Please check here if you do NOT want your information to appear in the ABV referral database (findanabv.com). APPLICANT QUALIFICATIONS Check all boxes that apply Section 1: Certificate/License I hold a valid and unrevoked CPA certificate or license issued by a legally constituted state authority. Section 2: Examination Requirement I have passed the ABV Exam and/or obtained one of the following credentials. Please check all that apply: AICPA Accredited in Business Valuation (ABV) Exam Accredited Senior Appraiser (ASA) credential Accredited Member (AM) credential Section 3: Education Requirement I have completed at least 75 hours of state-authority approved CPE from topics covered in the ABV body of knowledge within the last five years: Education in the ABV body of knowledge areas may be obtained via the following means: successfully completing, presenting or lecturing continuing education courses and authoring publications on relevant subjects. More information can be found at aicpa.org/abv. Section 4: Experience Requirement I have met the minimum experience requirement in the topics covered in the ABV body of knowledge within the last five years: Business: I have at least 150 hours of business valuation experience Business: I have completed at least six business valuation engagements Academic: I am a full-time professor and have taught at least 4 accredited college courses with 50% of their material included in the ABV body of knowledge T: F: E: ABV@aicpa.org W: aicpa.org/abv

15 DECLARATION OF INTENT Please read and indicate agreement below. Declaration I hereby affirm that my statements given in the ABV Application (and any attachments and additional information I have provided) are true and complete to the best of my knowledge and freely given. I understand that any misrepresentation or omission of facts therein is cause for denial or revocation of the right to use the ABV Credential and logo. If so requested by the AICPA, I will furnish all additional information or documentation as deemed necessary for the verification of the information given here. Maintenance of the Credential To maintain the ABV credential, credential holders must pay annual dues and must comply with the following requirements: 1) Maintain membership in good standing in the AICPA. 2) Hold a valid and unrevoked CPA certificate issued by a legally constituted state authority. 3) Recertify every three years. Recertification currently requires that ABV Credential holders: a) Earn 60 hours of continuing education related to body of knowledge areas during the three-year period preceding recertification; and b) Submit a written statement of their intent to continue to comply with all the conditions required to maintain the credential. Agreement 1) I understand that I may not use the ABV credential or ABV logo or hold myself out as an ABV until I have received official notification of my ABV certification from the AICPA. 2) I hereby authorize investigation of all information I provided in the ABV application. 3) I understand that permission to use the ABV credential and is granted for a period of three years. At the end of such period, if ABV certification is not renewed, certification expires and any right to use the ABV credential and expires. 4) I understand that, if I fail to comply with the maintenance of credential requirements, I am required to and I agree to cease use of the ABV credential and ABV logo immediately and understand that in order to regain ABV certification, the requirements and fees on the ABV Reinstatement Application must be met again. 5) I understand that the recertification requirements noted under Maintenance of the Credential are subject to change as deemed appropriate by the AICPA and the ABV credential. 6) I further understand and agree that the AICPA has the absolute and unrestricted right to revoke any rights I have to use the ABV credential and ABV logo if I fail to hold a valid and un-revoked CPA certificate issued by a legally constituted state authority and maintain membership in good standing in the AICPA. 7) In consideration of the ABV certification granted hereby, I further agree that neither the AICPA, its officers, directors, employees nor others acting on its behalf, shall be liable to me for any actions taken or omitted to be taken in any official capacity or in the scope of employment and I hereby release the AICPA and the other persons identified above from any liability for such actions or omissions. 8) I affirm that I have read carefully, understand and agree to the items set forth in this Declaration of Intent. I further certify that I understand that a percentage of ABV applications will be randomly selected for further review and that, if selected, I will be required to provide detailed documentation (including specifics of Experience and Education) to support the assertions of the application. Failure to provide documentation will be considered noncompliance with the requirements for maintenance of the ABV credential. Signature Date Inserting your name here electronically will serve as a valid representation of your signature and will be considered binding. PAYMENT INFORMATION The program enrollment fee for the ABV credential is due upon application submission. Please indicate your credential or membership status, as well as your method of payment, below. Credential or membership status: (Check one) New ABV Credential Holder $360 Current FVS Section Member $360* Current CFF, CITP or PFS $210 (promo code MultiCred) *Fees may vary as unused portion of section dues will be credited against your credential fee. PROMOTION CODE: Please find the enclosed check made payable to: AICPA/ABV credential ( Please note: You will receive a full refund if your application is not approved.) Please bill my credit card ( Please note: Your credit card payment will be processed upon approval of your application.) VISA MasterCard Discover American Express Diners Club Card Number: Expiration Date: Billing Address (if different from address above): City: State: ZIP: Print Name of Credit Card Holder: Sign Name: Apply Online Today! Visit us at: aicpa.org/abv Application and payment can be mailed to: ATTN: Member Service AICPA ABV credential American Institute of CPAs 220 Leigh Farm Road Durham, NC Or faxed to: Please Note: Acceptance of payment does not signify approval of your application. Upon approval of your application, you will receive a welcome advising you of your authorization to use the ABV credential. ABV@aicpa.org Call: (M F 9am 6pm ET) T: F: E: ABV@aicpa.org W: aicpa.org/abv

16 T: F: E: W: aicpa.org/abv