ZPM is a listed limited liability company with a year end of 30 June. ZPM's main  activity is selling home improvement or 'Do-It-Yourself' (DIY) products to the public. Products  sold range from nails, paint and tools to doors and showers; some stores also sell garden tools and  furniture.

Products are purchased from approximately 200 different suppliers. ZPM has 103 stores in eight different countries.

ZPM has a well-staffed internal audit department, which reports on a regular basis to the audit committee. Areas where the internal and external auditors may carry out work include: (i) Attending the year-end inventory count in 30 stores annually. All stores are  visited rotationally.

(ii) Checking the internal controls over the procurement systems (e.g, ensuring a  liability is only recorded when the inventory has been received).

Required:

For each of the above two areas, please discuss:

(i) The objectives of the internal auditor.

(ii) The objectives of the external auditor.

(iii) Whether the external auditor will rely on the internal auditor and, if reliance is required,  the extent of that reliance.