While selecion of the nmost opproprtate procedures for an audit will be guided by the nature of the internal controls, auditors typicaly follow the same general pattern of work 1. value 167 points Put the general steps of the audit process for inventory in the correct order. Perform substantive audit procedures. Step One Perform substantive audit procedures Perform tests of controls Step Two Use the understanding of the client and its environment to consider inherent risks, including fraud risks, related to inventories and cost of goods sold Step Three Obtain an understanding of internal control over inventories and cost of goods sold Step Four Assess the risks of material misstatement and design further audit procedures Step Five Reset eBook & Resources 1. value 167 points Put the general steps of the audit process for inventory in the correct order. Perform substantive audit procedures Step One Perform substantive audit procedures Perform tests of controls Step Two Use the understanding of the client and its environment to consider inherent risks, incuding fraud risks, related to inventories and cost of goods sold Step Three Obtain an understanding of internal control over inventories and cost of goods sold Step Four Assess the risks of material misstatement and design further audit procedures Step Five Reset eBook & Resources