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The objective of this task is to develop a draft audit plan for related accounts at Crest Outfitters

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The objective of this task is to develop a draft audit plan for related accounts at Crest Outfitters. To complete this assessment task, you will need to adopt information regarding Crest Outfitters provided in the Case Study of the textbook (Moroney, et al. 4th edition, 2020). Attempt the following questions and provide work papers to record your evaluation of internal controls and plans of control tests. (Please note some references might not available in the Case Study so you can refer to reasonable examples or documents obtained from other sources such as listed companies or practices that you experienced from your work) Part A As the engagement partner, you are responsible for the evaluation of internal controls concerning inventory and sales accounts at Crest Outfitters. You can attempt to answer following questions and record your assessment outcomes in the work paper. You can create your own work paper. 1. Identify transactions related to inventory and sales accounts. 2. Determine WCGW (what can go wrong). 3. Describe risks and assertions associated to inventory and sales. 4. Identify internal controls in place to prevent or detect the risk of misstatement. 5. Evaluate control risks. 6. Comments on strength (minimum 1 item)