Have you ever considered getting a second opinion on an appraisal, cost estimate report, reserve fund study / depreciation report, or consulting report? Here is an option, the Technical Review. You can even get a Technical Review of a Technical Review.
What is a Technical Review?
A Technical Review is an unbiased and objective formal written critique of a report that was prepared by another firm.
The purpose of a Technical Review is to form an opinion on if a subject report is credible and reliable. The opinion is supported in the Technical Review report by detailed analysis of any errors or deficiencies observed in the subject report.
Technical Reviews are prepared by Suncorp’s Senior Consultants whom have completed additional training and have experience in this specialization. Technical Reviews prepared by Suncorp are prepared in alignment with the Review Standards of either the Uniform Standards of Professional Appraisal Practice (USPAP), or the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).
What are Technical Reviews used for?
Technical Reviews are most often prepared for different types of litigation support, and at various stages including pre-claim analysis, or to assist with preparation for cross examination.
Technical Reviews are also often commissioned as part of a due diligence process. For example, a private equity lender may require a Technical Review of an appraisal report to help determine the credibility and reliability of an appraisal submitted as part of a mortgage application.
Scope of a Technical Review
The scope of a Technical Review has a very wide range, from a basic standards compliancy up to a full audit of work-files.
All Technical Reviews include a standards compliancy review against the set of standards under which the subject report was prepared, which could be either USPAP, CUSPAP, RICS Red Book, International Valuation Standards, etc. This stage also includes a review of methodology employed within the subject report.
Technical Reviews may also include additional steps depending on our clients need. These can include verification of factual data reported within the Subject Report, re-inspection of the subject property, additional market research, or even a full audit of the entire process and work-file. Often our clients may have specific questions or issues they may want us to investigate.
It is important to note that a Technical Review does not provide an alternate opinion. For example if the subject report is an appraisal report, the Technical Review does not include an alternate opinion of value. However if the client also needs that alternate opinion of value, Suncorp is available to provide that service under separate cover.
Depending on the scope, Technical Reviews may be conducted on reports developed on properties located virtually anywhere.
For example if the subject report is a Reserve Fund Study on a property located in, say Texas, and the scope of review is limited to a standards and methodology review, then the location of Suncorp’s reviewer is not an issue.
Suncorp’s Technical Reviews Services
Suncorp Valuations can provide Technical Review services on a wide variety of report types including Real Property Appraisals, Machinery & Equipment Appraisals, Insurance Appraisals, Reserve Fund Studies and Depreciation Reports, and related Consulting Reports.