Ias 40 investment properties - audit evidence, Auditing

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IAS 40 Investment Properties - Audit Evidence

Typical audit evidence might include:

  • Physical verification of the situation and location of the investment property and confirmation such it is not owner occupied.
  • Valuer's report where internal or external including the time(s) of valuation; base required for open market, suppositions made as e.g. full occupancy, etc
  • The experience, qualifications and objectivity of the valuer's
  • The estimation of individual gains or else losses on properties disposed of.
  • Representations from or else enquiries of management in respect of the treatment of investment properties
  • Review of earlier information for consistency as e.g. financial statements from earlier years
  • Management's impairment review, whether any
  • The proposed note disclosure reflecting the fair and true override.

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