Audit Procedures for Non-Current Assets (2)

Question 1

Valuation (verify)

Answer 1

Verify valuation to valuation certificate

Question 2

Consider reasonableness of valuation reviewing (experience)

Answer 2

Experience of valuer

Question 3

Consider reasonableness of valuation reviewing (scope)

Answer 3

Scope of work

Question 4

Consider reasonableness of valuation reviewing (methods)

Answer 4

Methods and assumptions used

Question 5

Consider reasonableness of valuation reviewing (valuation)

Answer 5

Valuation bases are in line with accounting standards

Question 6

Valuation (calculation)

Answer 6

Reperform calculation of revaluation surplus

Question 7

Valuation (revalued updated regularly)

Answer 7

Confirm whether valuations of of all assets that have been revalued have been updated regularly

Question 8

Why should all assets revalued be updated regularly?

Answer 8

So asset’s carrying amount is not materially different from its fair value by asking finance director and inspecting previous financial statements