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Hi,
When it says that a third of the warehouse space is rented, would an appropriate audit risk be that the rental expense be mistakenly classified as the companies own property and therefore not in line with IAS 16?I don’t know where this question is from, so can’t really comment.
It would seem to me to be a relatively low risk that rental expense is being mistaken for the purchase of premises.
Its from the BPP revision kit. Q 41, tested in dec 2011.
It doesn’t mention in the answer which is why im asking.
Would this score a mark?
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