There are standards for this sort of thing, like financial accounting standard 157 that requires a three-step valuation process.

FORBES: Will SEC's Settlement In Valuation Case Be Part Of A Trend?

The contentious battle and accusations come as some nontraded REITs have been facing increased regulatory scrutiny related to their marketing and valuation process.

WSJ: Cole REIT Selects Its Own Deal Over Rival's

There was also no requirement for the auditor to give its opinion on whether the bank had fully corrected the material weakness in internal controls related to the valuation process until 2012 year-end.

FORBES: No Accounting For Auditor PwC At Levin's Whale Hearing