The Saudi Authority for Accredited Valuers (TAQEEM) organized an awareness event to speak about its role, scope of work, and future of the valuation profession on November 20, 2017 at Shaikh Mohammed bin Ibrahim Alkhudair Hall at the university.
The evening event was started by Mr. Saeed Albaiz, Marketing and Communication Supervisor at TAQEEM, who gave an overview of the authority, its domain and work, highlighting the role it plays in enhancing the valuation profession and developing its potential in a methodological way. He explained that TAQEEM is concerned with creating the rules and regulations for the valuation of real estate, businesses, equipment, and other property as well as providing the requirements for the development and growth of the valuation profession, obtaining TAQEEM membership and training the valuers in compliance with international standards.
Drawing lines of demarcation between the accountant, the certified accountant and the valuer, Mr. Nawaf Althunayan, Certified Accountant and Member of TAQEEM said that the valuer’s main task is to determine a true and realistic value of an establishment bearing in mind the tangible and intangible assets according to accredited international criteria. “One of the key roles of businesses valuation”, according to Althunayan, “is the one it plays in the cases of mergers and acquisitions, sale of business and IPO (initial public offering).”
TAQEEM Member, Ms. Nouf Altoaimi, spoke about the valuation of SMEs and the methods applied in this sector in particular.
The evening was concluded by a Q & A session where the audience and speakers focused mostly on how to develop the authority and the adoption of new methods of valuation.