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 planned to carry out in response to theinherent risks identified by you in (A) above? See the required format for your answers below2. (A). Carry out an analytical review on the financial statements of these companies in the planningphase and identify areas of concern (high risk or problem areas) or comfort. Identify at leastthree (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 thehigh risks or problem areas identified by you in (A) above? Alternatively, in relation to which areawould you have minimised your evidence gathering procedure? See the required format for youranswers below3. 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 indicatean 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 reportthat 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 whichsection 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, theauditing profession and/or society as a whole?PART 2: (20 Marks – Assessable Value 5 Marks: not