You are planning an operational audit of inventory control for a company that manufactures electronic equipment such as stereos and televisions.

Required
Develop an audit program that identifies the audit objective, appropriate criteria, audit approach, and tests for each of the following areas:
• Accuracy of perpetual records.
• Purchasing of raw materials and components.
• Efficiency of inventory control.
• Control of scrap and rejects.
In formulating your solution, use the following format:
Audit Objective Criteria Audit Approach Audit Tests