Question 4 You are auditing GreenGrass L.td, a company that sells plants, trees, gardening tools. You are in charge of auditing the company's properties, plants and equipment. The company has the following long lived assets: (i) Land \& building: GreenGrass fully owns these assets. Buildings are depreciated at 5% per annum. (ii) Equipment: There a number of equipment used by GreenGrass Ltd in managing their stocks. These are depreciated at 5% on cost. (iii) Motor vehicles: These are depreciated at 20% on reducing balance method. You have concerns on the depreciation rates applied by GreenGrass Ltd. Required: a) Explain FIVE (5) risks associated with long lived assets, in which auditors need to be vigilant. (10 marks) Present your answers in the following structure: b) List the sources of evidence in verifying (i) the ownership of land \& building (ii) the existence of equipment (5 marks) Present your answers in the following structure: c) Suggest FIVE (5) audit procedures auditors would perform to verify appropriateness of the depreciation rates on long lived assets. (10 marks) Present your answers in the following structure