The specific audit objectives for the inventory of a manufacturing company might include the following: 

a. Inventories included in the balance sheet physically exist. 

b. Inventory quantities include all products, materials, and supplies on hand.

c. The entity has legal title or similar rights of ownership to inventories. d Slow-moving, excess, defective, and obsolete items included in inventory are properly identified and valued. 

Required: 

a. Identify the broad categories of financial statement assertions from which these specific audit objectives are derived. 

b. Identify one audit procedure that contributes to the achievement of all these specific audit objectives and explain how and to what extent it contributes to achievement of the objectives.