Required:1. You are a part of the team responsible for planning the Woolworths (parent and the consolidated economic entity) audit engagement for 2016. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers. Your report must address the following issues:a. What are the major sources of Woolworths revenue?b. What are the areas in which Woolworths conducts its operations?c. Which particular laws/regulations (ot … 2. Identify and explain SIX significant business risk factors that the auditor needs to consider for the Woolworth group engagement.