Question：Which of the following audit procedures would be relevant to identifying whether the land and buildings recognised on a client's statement of financial position had suffered an impairment?
A. Physical inspection of the land and buildings.
B. Review of a surveyor's report showing the estimated market value of the land and buildings.
C. Recalculation of the depreciation charge.
D. Review of management's calculation of the value in use of the land and buildings.
The correct answers are:Review of a surveyor's report showing the estimated market value of the land and building; Review of management's calculation of the value in use of the land and buildings.
解析：These follow the principle of IAS 36 Impairment of assets which states that if there is any indication that an asset may be impaired then its carrying value should be compared with the higher of its value in use and its net realisable value.
So for an auditor, an independent expert's report showing the market value should be reliable evidence of net realisable value (allowing for costs of sale and depending on the auditor's assessment of the competence and independence of the expert).
A review of the calculation of the value in use is also relevant and would have to include consideration of the reasonableness of the assumptions behind the forecast cash flows.
In fact, either one of these procedures could stand alone providing that the value shown was higher than the carrying amount.
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