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AnswersProfessional Level Options Module, Paper P7 (UK)Advanced Audit and Assurance (United Kingdom)December 2014 Answers1 Briefing notesTo: Audit partnerFrom: Audit managerSubject: Audit planning for Connolly plc, year ending 31 December 2014 IntroductionThese briefing notes are prepared to assist in planning the audit of Connolly plc, our client operating in the pharmaceutical , the briefing notes will evaluate the business risks facing our client, identify and explain the risks of materialmisstatement, recommend audit procedures in relation to a new brand acquired during the year, and finally explain ethical threatsto our risks:Licensing of productsA significant regulatory risk relates to the highly regulated nature of the industry in which the company operates. If any of Connolly plc s products fail to be licensed for development and sale, it would mean that costs already incurred are wasted. Researchand development costs are significant.

Acquired brand name – recommended audit procedures: – Review board minutes for evidence of discussion of the purchase of the acquired brand, and for its approval.

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