Property valuation reliance on experts a firm of real estate value, to perform a valuation of all real estate held by the company. As a result of this revaluation, property values on the balance sheet were significantly increased, leading to a material increase in net asset backing per share

Required

a. Describe the audit procedures that would be required with respect to the valuations performed by Z & Co.

b. Explain whether the procedures identified in (a) would change if employees of FNP had performed the valuations.

c. Assume that you are not satisfied with the results of procedures performed. Explain what alternative procedures could be performed.