Each multiple choice is worth two (2) marks with one mark for the correct answer and one mark for the explanation for your answer. Explanations must include Auditing standard references to get full marks. You are auditing a company which makes a large amount of purchases of stock from a related party overseas in Italy which generally takes several weeks to arrive in Australia by ship. Ownership of the stock for the company occurs when the goods have left Italy as they insure for the shipping period. You are currently auditing the purchases and closing stock account. Which assertions would be most at risk? a) Accuracy for purchases and valuation for closing stock b) Completeness for purchases and cut-off for closing stock c) Cut-off for purchases and completeness for closing stock d) Cut-off for purchases and accuracy for closing stock