Awan Hammad

    Hi Stephen

    My view is that a rental statement from an agent is sufficient audit evidence to support the rental income and the property expenses (the outgoings).

    What I would do in addition is to:

    1) Sight the rental agreement.

    2) Request copies of invoices for any material property expenses.

    3) Request copies of insurance invoices.

    Seeing property expense invoices (again subject to materiality) would be important if they are repairs or capital improvements to ensure that they are correctly accounted for.

    Seeing insurance expense invoices is important to ensure the property is insured in the name of the Fund.

    If any other members have a view please let the forum know.




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