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AnswersProfessional Level Options Module, Paper P7 (INT)Advanced Audit and Assurance (International)September/December 2015 Answers1 Briefing notesTo: Audit partnerFrom: Audit managerSubject: Audit planning in respect of Dali CoIntroductionThese briefing notes are prepared to assist in the audit planning meeting for Dali Co, our manufacturing client supplying machineryand equipment to the quarrying industry. The notes contain an evaluation of audit risk along with recommendations of theadditional information which is relevant to audit risk evaluation. The notes also explain the principal audit procedures to beperformed in respect of the valuation of work in progress, and the government grant received during the year.(a)(i)Audit risk evaluationStock exchange listing and pressure on resultsThe listing obtained during the year can create inherent risk at the financial statement level because management mayfeel under pressure to achieve good results in this financial year.

payment period to suppliers has increased by five days. If there is doubt over the collectability of receivables, then certain balances may need to be written off, and there is a risk of overstatement of receivables and understatement of operating

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