What are the relevant audit objectives for the following inherent risks?

	Inherent Risk	Accounts Affected	Relevant Audit Objectives
1)	None	None	None
2)	Obsolete Inventory	Inventory/COGS
3)	Related party transaction that could affect the valuation of transaction and requires a disclosure	Equipment - Manufacturing/Footnotes
4)	Transaction where there is a risk that materials and labor were applied incorrectly to accounts.	Property, inventory, and cost of sales
5)	15% of accounts receivable is made up of 1 customer that hasn't made a payment in months. Could turn into a collections problem which would result in an understatement of allowance for uncollectible accounts.	Accounts receivable/bad debt expense/allowance for uncollectible accounts
6)	None	None
7)	Related party transaction that requires disclosure and could affect the transaction value.	Repairs & maintenance expense/account payable/footnotes
8)	Increased risk of fraudulent financial reporting.	All accounts
9)	Risk of fraudulent financial reporting.	All accounts
10)	Dispute with IRS may affect income tax accounts.	Income tax expense/income taxes payable
11)	Intercompany loan may not have been eliminated from consolidated financial statements.	Notes payable/notes receivable/interest expense/interest income