Mandatory Professional Statements (MPS) serve as essential documents outlining specific, compulsory requirements for members and regulated firms to adhere to in their professional practice. These statements hold significant weight, often surpassing the level of guidance found in other standards or recommendations.
Here is a breakdown of key points about MPS:
Purpose
Content
Examples
Enforcement
Impact
Scenario
You are a chartered surveyor working for a medium-sized firm specialising in commercial property valuations. You have been instructed by a bank to value a large office building in a prime city centre location. As part of your valuation process, you discover that the building's fire safety certificate has expired and there are significant outstanding repairs required to bring it up to standard. You estimate the cost of these repairs to be in the region of £1 million.
Bonus Question
Outline any further steps you might take to mitigate the risks associated with these issues, both for the bank and your firm.
This question assesses your understanding of the following RICS mandatory professional statements: