Question: Identify four control weaknesses in the inventory system. Explain how each control weakness may affect the financial statements (i.e. which accounts and assertions are

Identify four control weaknesses in the inventory system. Explain how each control weakness may affect the financial statements (i.e. which accounts and assertions are at risk) and identify the audit procedures to test the account(s) and assertion(s) that are at risk. You are required to present your answers according to this format: (16 marks) 1 23 etc Identify a control weakness How the weakness may affect Audit procedures to test the financial statements account(s) and assertion(s) that are at risk

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