Education Briefing: Professional valuation standards – the RICS red book

Purpose The aim of this education briefing is to look at the role of professional standards (PS) in the valuation process markets. Whilst concentrating upon the Royal Institution of Chartered Surveyors (RICS) Valuation Standards, the briefing will comment upon the importance of all equivalent standards in a global context. Design/methodology/approach This education briefing discusses the history of PS and the increased importance of the same in the business world which is beset by more and more regulations and financial oversight. Findings This education briefing is an explanation of why standards are important for ensuring a consistency of rigour and expertise in the valuation process and how, in so doing, they maintain and enhance the standard of professional valuers. Practical implications All student and young professionals need to understand the importance of following the requirements of the RICS Red Book and other international standards. Originality/value This is a review of existing standards.