Terra Land Development Corporation is a closely held family business engaged in purchasing large tracts of land, subdividing the tracts, and installing paved streets and utilities. The corporation does not construct buildings for the buyers of the land and does not have any affiliated construction companies. Undeveloped land is usually leased for farming until the corporation is ready to begin development. The corporation finances land acquisitions by mortgages; the mortgagers require audited financial statements. You have now begun your firm's initial audit of the financial statements for the year ended December 31, 1999. Your preliminary review of the accounts indicates that the corporation would have had a highly profitable year except that the corporate officers-all members of the family-were reimbursed for exceptionally large travel and entertainment expenses.

Required:

The corporation has three tracts of land in various stages of development. List the audit procedures necessary to audit the physical existence of and title to the corporation's three land holdings.