(a) (i) Substantive procedures for revaluation of property, plant and equipment (PPE)
– Cast schedule of PPE revalued this year and agree to TB/FS 1
– Consider reasonableness of the valuer’s qualifications, membership of professional body and experience 1
– Discuss with management if the valuer has financial interests in the company which along with family relationship may impact his independence 1
– Agree the revalued amounts to the valuation statement provided by the valuer 1
– Consider if all items in the same class of assets have been revalued 1
– Agree the revalued amounts included correctly in the non-current assets register 1
– Recalculate the total revaluation adjustment and agree recorded in the revaluation surplus 1
– Recalculate the depreciation charge for the year 1
– Review the financial statements disclosures for compliance with IAS 16 Property, Plant and Equipment 1
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Restricted to 5