Mr. Mohammed Ali, the auditor of Areej Oil Refinery Company has issued the following Financial Statement Assertions / Audit Objectives. a) The Financial statements have recognised all inventory units that should have been recorded. b) Inventory recognised in the financial statements are owned and controlled by the audit entity. c) According to IAS 2 inventory has been valued at the lower of cost and net realisable value. d) All invoices are accurately entered into the account records and are properly priced and discounts are being applied. e) Accounting records reflects details of goods which are sold and invoiced. Question 6: Identify and explain the related the Assertions and Audit objectives. (5x1=5 Marks) Mr. Mohammed Ali, the auditor of Areej Oil Refinery Company has issued the following Financial Statement Assertions / Audit Objectives. a) The Financial statements have recognised all inventory units that should have been recorded. b) Inventory recognised in the financial statements are owned and controlled by the audit entity. c) According to IAS 2 inventory has been valued at the lower of cost and net realisable value. d) All invoices are accurately entered into the account records and are properly priced and discounts are being applied. e) Accounting records reflects details of goods which are sold and invoiced. Question 6: Identify and explain the related the Assertions and Audit objectives. (5x1=5 Marks)