IAS 40 Investment Properties - Audit Evidence
Typical audit evidence might include:
- Physical verification of the situation and location of the investment property and confirmation such it is not owner occupied.
- Valuer's report where internal or external including the time(s) of valuation; base required for open market, suppositions made as e.g. full occupancy, etc
- The experience, qualifications and objectivity of the valuer's
- The estimation of individual gains or else losses on properties disposed of.
- Representations from or else enquiries of management in respect of the treatment of investment properties
- Review of earlier information for consistency as e.g. financial statements from earlier years
- Management's impairment review, whether any
- The proposed note disclosure reflecting the fair and true override.