Should a site visit be done when preparing a business valuation? Yes, because it would be important to see if the business exists and has any competing businesses nearby Yes, because the case may go to trial No, because fees are a concern No, it is a waste of time Question 32 (1 point) Listen Which of the following would be helpful in understanding how to prepare a valuation of a closely held business? accounting background finance background economic background all of the above XYZ, Inc. and its 100% owner (Bob Jones) utilize Ernst, Marwick, Deloitte, CPAs for thirty years as their certified public accountants. The CPA firm prepares audited financial statements, prepares entity tax returns and jointly held for Bob and Mary Jones personal tax returns. They have been the accountants for both the entity and Bob and Mary for many, many years. Unfortunately, Bob and Mary are suddenly (after a 25 year marriage) going through a divorce. The divorce attorneys tell Bob Jones some needs to prepare a valuation of XYZ, Inc. Which of the following is an ERRONEOUS statement? Erst, Marwick, Deloitte CPAs should prepare the valuation for the divorce since they have been the firm's CPA firm for so many years and understand the business better than any other firm The divorce attoreys could decide to retain a qualified neutral valuation expert The divorce attorneys could decide to retain opposing qualified valuation experts Emst, Marwick, Deloitte CPAs should not do the valuation as they have a conflict of interest Question 30 (1 point) 4Listen In assessing the market approach of an entity in a business valuation, the expert should consider all the following risks except for economic, business, and operating risks financial, asset, and product risks market, technological, regulatory and legal risks