Investment Property with 20 tenants, new tenants pay 2 months rent as DEPOSIT. A $2,6 million amount "deposits received in advance, under creditors".

I am going to give feed back; for the benefit of trainee auditors:

Population would be the "tenants", there are20

ISA500R Audit Evidence par17(b) & (c)

- existence and completeness  If can visit building, can confirm there is x20 tenants

- completeness  Identify new tenants in current year - Test the deposits have been made 

- cut-off  Review bank statement after year end, deposits paid or refunded

- cut-off - classification  new tenants that have paid deposits in last3 months of year end, read lease - Occupation    date after year end, would be deposits in advance

- cut-off  Writing confirmation letters; not normal to get good response  Vacated tenants - request confirmation that deposit received (alternative evidence is checking   to bank statement, and agrees to letter informing bank account to which deposit must be made   to)  the date when deposit made by EFT must be within the financial year

- Completeness and valuation  Obtain the list from accountant of the deposits; agree to General ledger, trial balance and the  the financial statements.  Investigate any differences.  Select5 and agree to lease agreement

- Completeness  Scrutinise the general ledger for any unusual or incorrect postings

Cut-off..........................................