You are conducting the audit of Toys Import Ltd for the year ended 30 June 2020. Toys Import Ltd is an importer of Toys from overseas manufacturers. Your audit manager has asked you to carry out audit checks on cut-off at year end. Toys Import Ltd maintains details of stock quantifies on its computer. These stock quantities are updated from goods received notes and sales invoices. Toys Import Ltd conducts a 'wall-to-wall count of inventory, whereby all operations cease and they count all inventory in a single stock take. You have noted the following risks of potential misstatement: (i) Some empty containers may be included in the inventory count. (ii) Damaged Toys may have been overlooked in the warehouse. (ii) The lower of cost or net realisable value method may have been incorrectly applied. There are no relevant control activities that could prevent these potential misstatements from occurring. Required: (a) Identify the one assertion for each of the situations. (b) List one procedure that you could use to audit the assertions identified in (a). [Answer here for a & b]