Gordon Brown Co’s Profit before tax was Rs7 million and a statement of financial position total of Rs23 million. Gordon Brown owns a number of its retail premises, which it revalues annually. This year several of its shops rose sharply in value due to inflated property prices in their locality. Gordon Brown does not revalue its factory premises, which are held in the statement of financial position at Rs 2.7 million. Reproduce a standard audit report to give your views on this situation. *Report to be prepared as per ACCA format.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gordon Brown Co’s Profit before tax was Rs7 million and a statement of financial position total of Rs23 million.
Gordon Brown owns a number of its retail premises, which it revalues annually. This year several of its shops rose sharply in value due to inflated property prices in their locality. Gordon Brown does not revalue its factory premises, which are held in the statement of financial position at Rs 2.7 million.

Reproduce a standard audit report to give your views on this situation.

*Report to be prepared as per ACCA format.

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