This is a group assignment and I am assigned to do Question 1 only. (Id like the answer to Q1 is approximately 700 words and I want another approximately 125 words to be the executive summary of my part of work so that I can put this part into executive summary).Thanks. The questions of this assignment can be found in the attachment that I uploaded OR you can read the question directly as following:Q1. You are a part of the team responsible for planning the Wesfarmers (parent and the consolidated economic entity) audit engagement for 2017. 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 areas in which Wesfarmers conducts its operations? b. Which particular laws/regulations (other than financial related categories which include legislations such as: Corporation Act 2001, Australian taxation laws, etc.) affect its operations? You need to identify at least FIVE laws/regulations. c. Who are its primary competitors (TWO major and TWO minor) in retail sector? The answers for above questions should be reflective of your in-depth understanding of how the Wesfarmers operates.