Review the mini-case located in the Case section of our text (C 40) and provide some insight on the following questions. 1. Briefly, summarize the steps necessary to audit the production cycle. Please incorporate the audit risk model in your response. 2. At Crazy Eddie, the management team established "deceiving the auditors" as a primary strategic objective. If management spends considerable time and effort on this goal, is it possible that the auditor can still fulfill his or her mission of ensuring the financial statements are not materially misstated? If so, what steps can an auditor take to overcome these types of situations? 3. How could the auditors have determined that the inventory balance was materially misstated? What would changes to the audit plan have been necessary to validate the existence and valuation of inventory? 4. What is the primary purpose of analytical procedures performed during the planning stages of the audit? Please identify the warning signs that were revealed about the inventory balance during analytical procedures that were ignored by the auditors.