Q1. Inventory management in corporations identifies managements practices, investigate efficient and effective inventory management approaches, and efficient and effective inventory management practices, which are key points for an auditor to ensure evidence for an opinion in the audit report on inventory.

Imagine that you are an auditor of a corporation in KSA and answer the following:

1. Bring out the inventory management process you would follow to check efficient and effective inventory management practices in the corporation.
2. List done the important functions with examples in the inventory management process.
3. Explain the audit tests you would cover with related assertions to get assured evidence
4. Conclude your testing on likely and tolerable misstatements allocated to the inventory account