You are conducting the audit of Quick Solutions Ltd for the $30$ June $2024$ audit and become aware of the following information:

a$)$ Inventory on hand at year end represented $20\%$ of sales in $2024$ and $18\%$ of sales in $2023.$

b$)$ Inventory turned over an average of $5\mathrm{.}2$ times in $2023$ and $4\mathrm{.}1$ times in $2024.$

Quick Solutions moved its inventory from a central warehouse to six new regional warehouses in June $2024.$

c$)$ Quick Solutions has recently won a tender to supply a large government department with various IT hardware and software products. To win the tender and prevent competitors from gaining a foothold in the public sector market, where they are the dominant supplier, Quick Solutions agreed to supply the items at $10\%$ below their cost price. The first shipment is due to be delivered to the government department at the end of July $2024.$

Explain the two main assertions at risk in relation to inventory and identify two substantive audit procedures that you could perform in response to each risk.