Hello Michele
Thank you for your question.
I don’t think it is necessary to obtain a new appraisal of the value of a commercial property every single year. The sources you refer to in your question about sense-checking the valuation seem appropriate.
I would think that a written confirmation that the most recently received written appraisal been considered to be appropriate evidence by the fund trustee, along with other supporting documentation, would be sufficient.
Even where other documentation supports the value in a written appraisal, presumably there comes a point where a few years have elapsed and it is prudent to obtain a fresh appraisal.
I appreciate this is a question that many auditors encounter would be pleased to hear their views.
Best regards
The Auditors Institute