You are an auditor at a public accounting firm. You handle clients. Your client is Corp B, it is a pulp and paper company plantation on a go public scale. Corp B has assets in the form of plantation land which are scattered in several regions. Corp B this year reported rapid business growth. They need funds to fund business growth. They make funding through bank loans. This loan is secured by the above mentioned plantation land assets. Based on this situation, the assets of plantation land are very important. As an auditor, you have to make sure that the plantation land really exists, and Corp B is the owner of that land. You will also need to estimate the fair value of the plantation land, to compare it with the client's statement.

a. What assertions are shown in this case? Explain your reasons!

b. What kind of Test of details do you need to do in this case?

c. What are some of the audit procedures to audit the assets of this plantation land!