Up to 1 mark per substantive procedure. 

Valuation:

– Review depreciation policies for reasonableness.
– Recalculate the depreciation charge.
– Proof in total calculation of depreciation.
– Reasonableness of valuer.
– Agree the revalued amounts to a valuation report.
– Surgical equipment additions vouch the cost to invoice.

max marks 2

Completeness:

– Reconcile PPE schedule to general ledger.
– Physical inspection of assets.
– Reconciliation of non-current asset register to the general ledger.
– Review the repairs and maintenance expense account.

max marks 2

Rights and obligations:

– Verify ownership of property via inspection of title deeds.
– Additions agree to purchase invoices to verify invoice relates to the entity.
– Review any new lease agreements. 
– Inspect vehicle registration documents.

max marks 2