Tender: Valuation Advisory Services for Review of AIMCo and HFOC Managed Investments

About

The Auditor General is seeking a consultant for valuation advisory services on a sample of approximately 10 to 20 investments managed by Alberta Investment Management Corporation (AIMCo) and Heritage Fund Opportunities Corporation (HFOC). The consultant will review provided Subject Valuation Reports for each selected investment to assess the adequacy and reasonability of valuation methodologies, the reasonability and support for key assumptions (for example discount rate components such as beta, risk premium, capital structure and growth rates), the appropriateness of valuation benchmark metrics, the sources and validation of material unobservable inputs, the selection of point estimates from ranges and any potential bias, and whether the valuation is consistent with IFRS 13. Where readily feasible the consultant will quantify impacts of significant concerns and must note that they have no obligation to conduct research to obtain corroborating or contradictory evidence. The consultant will prepare reports summarizing observations and, for significant findings, provide assessments of root causes, related internal control design or implementation issues at AIMCo or HFOC, and any segregation of duties concerns. The role also includes on-call advisory support during planning and execution for emerging valuation issues, industry trends and identifying relevant authoritative guidance.