2. The due date for assignment is Wednesday October 5, 5.00 pm. Any assignment received after this time will be considered late and subject to the penalty described in the Subject Learning Guide (p. 7). Length and format The assignment shall be presented in the below format: 3. A title page containing the title of the assignment, name and student numbers of the group members, tutors name and the time and location of tutorial. 4. A table of contents 5. An executive summary 6. The build of the assignment (MS word, Maximum 2,000 words (excluding references and appendices), Times New Roman, Size 12 font, double spacing). Use of headings, tables and graphs is encouraged. Appropriate reference citations throughout the assignment is expected. 7. References Failure to meet the above length and format requirements will incur a 5 mark penalty. 1. You are a part of the team responsible for planning the Metcash (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 Metcash 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/regulation.c. Who are its primary competitors? [6+5+2= 13 marks] 2. Identify and explain FIVE significant business risk factors that the auditor needs to consider for the Metcash group engagement. [5 marks] 3. Identify at least FOUR accounts susceptible to misappropriation or fraudulent financial reporting within the Metcash Group and explain why. Your answers should be reflective of your indepth understanding of Metcash Group and its environment. [12 marks] 4. With specific reference to Metcashs corporate governance arrangements, you need to assess the likelihood of the potential reliance that could be placed on the overall control environment. Your conclusion should be supported by at least FIVE factors. [5 marks] 5. Recently Metcash showed its intentions to acquire Woolworths Home Timber and Hardware business for about $250 million. The Australian Competition and Consumer Commission (ACCC) have also given approval to bid for Home Timber and Hardware business. How will the development of the proposed acquisition of Woolworths Home Timber and Hardware business affect your 2017audit plan for Metcash?