Problem #4 The auditor is planning for the audit of a specialty retail store. Inventory is material, and items range in value from $1 to over $500. The nature of the store means that the type of merchandise changes every season, and many items are specially ordered with special branding and promotional packaging. Orders are placed six months in advance from overseas suppliers. Large deposits are required to be paid when orders are placed. The auditor believes that the account balances for inventory and deposits are at risk of material misstatement. Required a) Identify the key assertions at risk in relation to inventory and deposits. Explain why you believe they are more at risk than other assertions related to each account. b) For each assertion in (a), specify a procedure that would provide evidence to test it