Referencing Styles : Harvard Questions to be answered by the team or group:Assume that your audit team is responsible for planning the audits for both “Woolworths”(year ended 30 June 2015) and “Qantas” (year ended 30 June 2015) discuss your strategiesin relation to the questions noted below –1. (A). Identify at least three (3) inherent risks that you would have to consider for each company inthe audit planning phase and justify your answer.(B). What audit procedures and/or tasks would you have … View More Questions to be answered by the team or group: Assume that your audit team is responsible for planning the audits for both “Woolworths” (year ended 30 June 2015) and “Qantas” (year ended 30 June 2015) discuss your strategies in relation to the questions noted below – 1. (A). Identify at least three (3) inherent risks that you would have to consider for each company in the audit planning phase and justify your answer. (B). What audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above? See the required format for your answers below 2. (A). Carry out an analytical review on the financial statements of these companies in the planning phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least three (3) points for each company and justify your answer. (B). What audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure? See the required format for your answers below 3. An Independent Auditor’s Report to the Members has been issued for each company: (A) Identify the type of audit opinion issued by each auditor, and justify your answer. (B) Do you agree with the type of opinion issued by the auditor? Why or why not? Please indicate an alternative audit opinion if you do not agree with the one issued. (C) Are there any other matters or events that have taken place after the issue of the audit report that strengthens or weakens the auditor’s opinion? 4. In relation to corporate governance research and justify your answer to the following questions- (A) Do the above companies have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it? (B) Do the companies have an audit committee and does it have the correct composition? (C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? PART 2: (20 Marks – Assessable Value 5 Marks: not Read Less