This case study is to test students' ability to integrate skills learnt in Auditing and Assurance Services to analyze a real company from the auditor's

perspective and within the framework of auditing standards. The successful completion of this assignment requires extensive research on Woolworths Group's internal and external environments, operations, strategies, and an analysis of financial information, including the annual report.

Students are expected to demonstrate their ability to critically evaluate various pieces of information and apply analytical skills to critically evaluate potential audit risks.

An important aspect of the assignment will be to demonstrate your ability to present written reports in a professional manner, addressing key formatting requirements as specified in question 3 below.

Required:

You are part of the team responsible for planning the Woolworths sales revenue for the year ending June 2020. You have been assigned to gather relevant background information and a report for a meeting with your audit partner and audit managers. Your report must address the following issues.

1. To demonstrate your understanding of Woolworths Group, provide a detailed description of how it conducts its operations. This must include a description of its revenue streams, products, and services, business processes, competitive environment, strategies, management and governance. The information presented should be reflective of your in-depth understanding of how the company operates, not merely a summary of information from the annual report.
2. List and explain three key audit risks which would impact the audit of the firm. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks (from your research in sections 1 and/or other applicable research).
3. Your submission should be presented in a format as if it was to be presented to a meeting of senior auditors at your accounting firm and should be designed and laid out so as tomost effectively impart your key messages. It should be succinct, and extensive use of diagrams, tables, and graphs is encouraged. The report should also be coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions).