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State the audit procedures that your firm should plan

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Question - Your firm is the external auditor of Magpies Ltd (Magpies) for the year ended 30 November 2022. On 15 November 2022, the directors of Magpies engaged a firm of expert property valuers to provide an independent valuation of the company's freehold land and buildings. The directors intend to recognise freehold land and buildings at this valuation in the financial statements for the year ended 30 November 2022.

State the audit procedures that your firm should plan to undertake to determine whether the valuation provided by the firm of expert property valuers can be used.

Reference no: EM133179268

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