JP Industries conducts its business using IT, and the only documentation of transactions is produced through the IT system. The auditor has concluded that it is not possible to obtain sufficient appropriate audit evidence by performing only substantive procedures for a number of financial statement assertions. The auditor’s alternative strategy is to .

perform tests of controls.

Explanation:

The method of testing controls that will provide us with greater security regarding compliance with them (whether we carry out an internal or external audit), the Auditor basically has 4 alternatives:

- Inquiry

- Observation

- Inspection

- Reperformance

They are ordered according to the degree of support that they will provide to the tests of controls that we carry out.

Perform test of controls

Explanation:

Test of control is a procedure used by auditors in checking how effective the control used by a client entity in detecting or preventing material misstatements. Test of control may broadly be classified into

- Reperformance

- observation, and

- Inspection.

Test of control seeks to verify whether internal control measures are working. It asses the operations of internal control.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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