It is $1$ July $20$X$5.$ You have recently been assigned as audit senior for the audit of Rock Co for the year$-$ending $31$ August $20$X$5.$ Your firm has audited this company for a number of years but this is the first year you will have worked on this audit. Rock Co is a company listed on a stock exchange. Rock Co is engaged in the wholesale import, manufacture and distribution of basic cosmetics and toiletries for sale to a wide range of stores, under a variety of different brand names.

Required:

$($a$)$ Describe the procedures you will perform in order to obtain an understanding of

Rock Co$.(5$ marks$)$

$($b$)$ Advise the audit assistants about auditor's working papers meaning and with whom the ownership of such documents vesis. $(5$ marks$)$

$($c$)$ Write a note for audit assistants explaining the various threats auditor are exposed to$.(10$ marks$)$