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Answers3 Strategic Professional Options, AAA INTA dvanced Audit and Assurance International (AAA INT) March/June 2021 Sample Answers1 Briefing notesTo: Harvey Rebus, Audit engagement partnerFrom: Audit managerSubject: Audit planning in relation to Pale CoDate: 1 July 20X5 IntroductionThese briefing notes have been prepared to assist in planning the audit of Pale Co. The notes begin with an evaluation of the business risks facing the company and continue by evaluating the audit risks which should be considered in planning the audit. The notes also include the recommended principal audit procedures which have been designed in respect of a change in fair value to the company s timber plantation following a recent storm. Finally, the notes discuss some ethical and other professional issues arising from a recent phone call with the company s chief finance officer (CFO) which impact on our audit planning.

In addition, there is a risk that opening balances and comparative information may not be correct. The prior year figures were not audited by Chief & Co, therefore we should plan to audit the opening balances carefully, in accordance with ISA 510 Initial Audit Engagements – Opening Balances, ...

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  Balance, Engagement, Initial, Opening, Opening balances

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