Question 18b i - Specimen

Marking Guide

(b) (i) Substantive procedures for revaluation of land and buildings
Cast schedule of land and buildings revalued this year 1
Agree the revalued amounts to the valuation statement provided by the valuer 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
Agree the initial cost for the warehouse to invoices to confirm cost 1
Confirm through title deeds that the warehouse is owned by Vieri 1
Recalculate the depreciation charge for the year 1
Review the financial statements disclosures for compliance with
IAS 16 Property, Plant and Equipment 1
Restricted to 6