You are the audit senior responsible for devising detailed audit procedures for inventory for AB PIc, a building company which develops private residential housing. The company's inventory includes building land \& roads, work in progress, and raw materials. The company allocates site costs to cost of sales on the basis of the proportion of sold plots on a site. Work in progress is valued using direct material and labour incurred to date on houses being constructed. Required: Describe, and explain the reasons for, the detailed audit procedures you would carry out to arrive at a conclusion as to whether the company's inventory exists and is appropriately valued