Accounting · Auditing - Substantive Procedures
Which of the following is the most appropriate substantive audit procedure to confirm the accuracy of a property revaluation adjustment?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Review post year-end sales of properties to confirm the valuation is reasonable
- 2Inspect insurance documents to confirm the replacement cost of the properties
- 3Obtain written confirmation from management that the valuations are accurate
- 4Agree revalued amounts to the valuation report provided by the external valuer✓
Correct answer
Agree revalued amounts to the valuation report provided by the external valuer
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