(a) Identify three [3) key business risks faced by DiarnondsForever that could result in a material misstatement in the inventory account. (b) Identify the key assertion at risk for each of the three (3) identied business risks in part (a). (c) Identify the key audit procedure that could be undertaken to ensure that the assertion at risk [as identied in pan [b}} resulting from the risk identied in pan {a} does not result in inventory being materially misstated. {d} Identify one {I} internal control that you could recommend that DiamondsForever should implement in order to alleviate or reduce each of the three (3) risks identied in part {a}. (e) Identify three (3) intenra] control weaknesses in the DiamondsForever inventory system. These should be additional to any you identify in answering part {d}1 above. {1'} Identify three (3) internal controls that DiamondsForever has embedded in their inventory system to prevent or detect material misstatements. . Yearend events. You are required to indicate how each of the ve (5} companyspecic data items provided in the case materials would impact your inventory audit planning by completing the provided Answer Template F [Exhibit 2]. . Use of ouLside expert. Based on your preliminary investigations during the audit planning for [IliarnondsForever1 you have determined that there is a very high risk of material misstatement in the inventory valuation. To address this risk1 your audit manager1 who has three years' experience on the DiamondsForever audit, has asked you to select a sample of diamonds and to send them to an expert diamond valuer for conrmation of the value recorded by DiarrsindsForever