Fundamentals of VBM methodology in company valuation: Linking EVA/CFROI/ROIC with audit analytical procedures and impairment tests

This paper develops a conceptual framework that links Value-Based Management (VBM) metrics to audit analytical procedures and impairment testing. The relevance lies in the growing share of intangible assets (code, user cohorts, network effects), for which traditional audit techniques are insufficient to assess the persistence of growth and the actual returns on capital. The contribution and novelty are a synthesis of EVA, CFROI, and ROIC as an integrated audit coordinate system, paired with procedural guidance for impairment testing and reasonableness checks under high volatility. The framework clarifies how VBM metrics can be embedded in standardized audit steps to make value assessments more transparent and comparable.