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.