inventories are tightly controlled so that overstocking and obsoescence are not normally a problem. inventory although not as liquid as cash is...

inventories are tightly controlled so that overstocking and obsoescence are not normally a problem. inventory although not as liquid as  cash is subject to theft. Company's finished packaged products are shipped immediately to customers, although large quantities of purchased merchandise are maintaind on hand. The personnel handling purchases and inventory transactions are, in general competent. Access to the warehouse is unrestrictd. what are the significant audit risks with reference to the relevant facts.