Using your knowledge of Warren Sports from your SUA experience, develop an audit program for the inventory existence at December 31, 2022 assuming that inherent risk is elevated and control risk is low. Assume that you have also identified a significant risk relative to potential fraud manipulation in the recording of inventory quantities. Consider key controls that would be tested for this cycle and the related assertions for these controls. Also, for the key assertions identified for this cycle (based on risk), determine the significant procedures you would execute relative to Warren and how you would go about them.

Discuss how you developed your audit program. Include an appendix with your procedures and reference the significant audit professional standards that apply.