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AUE3761 TEST 4 SUGGESTED SOLUTIONS 2024 R150,00   Add to cart

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AUE3761 TEST 4 SUGGESTED SOLUTIONS 2024

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AUE3761 TEST 4 ANSWERS

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  • September 2, 2024
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AUE3761 TEST 4

, ### 1. Substantive Procedures to Audit the Investment Property Balance



To audit the investment property balance of BidShirt (Pty) Ltd as at 31 December 2023, the
following substantive procedures should be performed:



1. **Obtain the Purchase Agreement**:

- Inspect the purchase agreement and other related documents to confirm the purchase
price and the date of acquisition of the land.



2. **Verify Ownership**:

- Inspect the title deed of the land to confirm BidShirt (Pty) Ltd’s ownership.



3. **Recalculate the Fair Value**:

- Obtain the valuation report from the third-party property valuation expert.

- Recalculate the fair value of the land based on the methods and assumptions used in
the valuation report.



4. **Evaluate the Valuation Methodology**:

- Assess the appropriateness of the valuation methods, assumptions, and estimates used
by the third-party property valuation expert to determine the fair value.



5. **Inspect the Marketing Efforts**:

- Review documentation (e.g., advertisements, listings) to verify that the land was
marketed for sale and that the sale is highly probable within the next 12 months.



6. **Review Directors’ Minutes**:

- Inspect the minutes of the directors’ meetings to confirm the resolution to sell the land
and the timeline of this decision.

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