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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.

Cash-settled share-based payment scheme This falls under the scope of IFRS 2 Share-based Paymentwhich states that the liability in respect of the plan should be measured at fair value at the year end. The increase in the share price from $2·90 at flotation to $3·50 (projected)

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