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How is the risk area relevant to the auditor

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Question - The fair value measurement of the properties as at 31 December 2019 are carried out by C H Williams Talhar & Wong Sdn. Bhd. and RHT Chestertons Valuation and Advisory Pte. Ltd. and are determined primarily using comparison methods.

The fair value measurement using comparison method draws reference to transactions of similar properties in surrounding with adjustments made for differences in location, terrain, size and shape of the land, tenure, title restrictions, if any and other relevant characteristics.

The risk area relevant to the auditor is the quantum of depreciation as well as the rate at which the same is charged for the properties.

The relevance of the factors applied to consider the fair value measurement of the properties is to be verified thoroughly and whether the application of valuation methods of similar properties in surrounding with adjustments made for differences in location, terrain and shape of the land, tenure, title restrictions and as well as other characteristics affecting the same.

Required -

1) How is the risk area relevant to the auditor?

2) What is the possibly go wrong/error in terms of accounting treatment?

3) Which accounting standard/policies not complied?

Reference no: EM132867326

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