1.

Control risks
Errors and misstatements would be greatly increased by the lack of appropriate security
measures. According to Woolworths Group Limited (2023), one of its macro risk factors is
the cybersecurity. Woolworths Group Limited (2023) points out that the risk associated with
data management and privacy has increased as the digital environment expands. Lack of
appropriate security measures may cause cyberattacks and data breaches, thus, making the
company more susceptible to errors and misstatements.

Moreover, as Woolworths has multiple supply chains, it could be extremely difficult for staff
members to accurately control inventories. Errors or misstatements, such as false reporting
of inventory counts, may occur in the case that there is inadequate inventory management
or controls. The assets, cost of goods sold, or profit margin account can be significantly
influenced by the overstatement or understatement of inventories. As a result, the
company's decision-making on certain targets will be significantly impacted by those errors
and misstatements.

Conclusion:
In conclusion, the study emphasises the necessity of improving fraud detection procedures in
sustainability reporting, with a focus on risks associated with greenwashing. It suggests that
to successfully reduce fraud risks, ED-5000 should provide explicit guidance. Furthermore,
by highlighting resilience and moral corporate conduct, the analysis of Woolworths Group
Limited highlights the significance of taking proactive steps to manage the risks that are
inherent in the supermarket industry. All things considered, the conclusion places a strong
emphasis on cooperation, instruction, and continuous development to promote
trustworthiness and openness in business reporting procedures.