My substantive procedures

Can someone please review my substantive procedure…

### LAND & BUILDINGS (Being revalued + depreciated)

1. Assess the competence & capability of the valuer by enquiring their qualification and their experience

2. Recalculate the total revaluation amount in the revaluation surplus and agree it is correctly recorded

3. Recalculate the depreciation charge on the buildings and agree it is correctly recorded in the income statement

4. Physically verify a sample of the land & buildings from the non-current assets register to confirm existence

5. Obtain the non-current asset register and agree the valuation to the valuation statement provided by the valuer

6. Reconcile the non-current asset register with a sample of land & buildings to confirm completeness

7. Review the financial statements disclosures relating to land and buildings to ensure they are in accordance with IAS 16

### PROVISION & RECEIVABLE FROM SALE OF DEFECTIVE GOODS

1. Review the correspondence with Kamala Kids Co. and establish details of the claim and confirm the existence of the obligation

2. Review correspondence with client’s legal team or with permission , communicate with their legal advisors to obtain their view on the case and establish the probability of losing the case and how much reimbursement is to be paid

3. Review correspondence with Thames Co. and confirm whether they accept liability for the defect

4. Discuss with management as to why they have included the $3.9m as a receivable when in reality it is a contingent asset and consider the reasonableness of the proposal

5. Review the financial statements disclosures relating to land and buildings to ensure they are in accordance with IAS 37

6. Review the board minutes to establish whether the directors believe that either claim will be successful or not

7. Discuss with the management as to whether any other customers have experienced problems with the sales of the faulty hoverboards and therefore likelihood of any potential future claims