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Sir in substantive procedure for valuation of PPE/NCA is the following procedure correct
Hire an independent expert and ask him to value market value of PPE/NCA to see whether it has been recorded at fair value or not
Not usually.
PPE/NCA are usually valued at cost less depreciation. Fair value implies they are going to be sold (= value under an arm’s length purchase/sale).
So does writing this substantive procedure as following is correct?
Hire an independant expert and ask him to value market value of PPE/NCA to see whether it has been recorded at cost less depreciation or not
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