A Valuation Engagement refers to an appointment of a valuer to determine an estimate of the value of a business entity or part of an ownership interest in a business entity by performing appropriate valuation procedures and apply valuation approaches and methods deemed most appropriate in the circumstances. The valuation engagement sets out clearly what is to be valued and the purpose of the valuation which guides the business valuator on the best methods to be applied. The engagement also sets out the limiting conditions to ensure that the valuation conclusion is not used for purposes beyond that spelt out at the beginning by the valuation engagement. The valuation engagement, among other things, also sets out the date of the business valuation.