b. You are the audit partner of CCC&Co audit firm, you are planning for the audit of a Melbourne bedding retail business, XYZ Ltd. Inventory is material, and items range in value from $1 to over $500. The nature of the store means that many items are specially ordered with special branding and promotional packaging. Orders are placed 5 months in advance from overseas suppliers. Large deposits are required to be paid to suppliers when orders are placed. You believe that the account balance for inventory is at risk of material misstatement. Required: 1. Identify a key assertion at risk in relation to inventory. (2 marks) 2. For the assertion in part 1, identify a type of evidence that would be persuasive. (2 marks) Suggested Answer: Click or tap here to enter text