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Answers - ACCA Global
AnswersProfessional Level Options Module, Paper P7 (INT)Advanced Audit and Assurance (International)June 2013 Answers1 Briefing notesTo: Audit PartnerFrom: Audit ManagerRegarding: Audit planning issues in relation to Parker CoIntroductionThese briefing notes include the results of a preliminary analytical review and evaluate the audit risks to be considered in planningthe audit of Parker Co for the year ending 30 June 2013, and identify additional information required. In addition, ethical issueswill be discussed and appropriate actions recommended.(a)Results of preliminary analytical review and audit risk evaluationThe appendix to the briefing notes contains the detailed results of the analytical review performed, which are evaluated in thefollowing Co s profitability has declined, with gross profit falling by 21 5% and operating profit by 32 7%. The company srevenue has fallen by 8 2%.Ratio analysis shows that both gross and operating margins have fallen, the projected gross profit margin at the year end is27 2% (2012 31 8%) and the projected operating margin is 11 4% (2012 15 6%).
Professional Level – Options Module, Paper P7 (INT) Advanced Audit and Assurance (International) June 2013 Answers 1 Briefing notes To: Audit Partner From: Audit Manager
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