Audit Procedures

(c) Describe substantive procedures the auditor should perform to obtain sufficient and appropriate
audit evidence in relation to research and development expense incurred in development of mobile
application by WeBuy.
(5 marks)
1. inspect the feasibility of the development of mobline phone application for $4.8m and to assess
existence and valuation.
2. Review capitalisation approval for the smount of $1.1m that was capitalised by WeBuy to assess
valuation and occurence.
3. Obtain and R&D breakdown to confirm the Research expense was recorded to assess valuation
and completeness.
4. Review policy documents to assess compliance with policy terms and conditions to assess
Valuation and classification.
5. Obtain economic benefit evidence to ascertain the economic benefit from the development of the
new moblie application to assess valuation.

please let me know, if my procedures are correct and what i can improve on