The manufacturing process for hearing implants is complex, with various mac members involved in different stages of the process. Given the small number of pro has developed strong controls over inventory. At the end of each shift, staff members are required to update the appropriate ma record the nature of the usage for the shift (i.e. which product the machine was used On a weekly basis, staff members are required to submit authorised timesheets allocation of their working hours for the week to the production of specific proc records, together with other overhead cost records, are reviewed on a regular basis manager for the purpose of costing inventory. Comprehensive variance analyses am by an experienced manager on a monthly basis, and significant variances from bud material, labour and overhead costs are promptly investigated. You have determined that the inventory account for Learie is material. REQUIRED (a) Identify and justify the key assertion at risk in relation to the Inventory acco be addressed by the auditor (b) For the assertion identified in (i) above in relation to the Inventory acco appropriate audit approach and the level (none, small, medium, extensiv audit procedures (tests of controls, substantive analytical procedures, sub details) to be undertaken. Justify the audit approach you have suggested