Ken Smith, the partner in charge of the audit of Houghton Enterprises, has asked you to join the audit team that is planning an audit of tjis client that the firm has audited for the last four years. As part of the planning process, it was learned that the client recently adopted an IT-Based Accountingsystem to replace its manual system. You have been asked to consider the audit implications of this change.

Required

Briefly explain in two to three sentences how each one of the components of the client's internal control may be affected by the client's change to an IT-based accounting system. Organize your answer as follows:

First Internal control component:

Effect of change on the component.

Second Internal Control component:

Effect of change on the componenet

Third Internal Control Component

Effect of chnage on the component

Fourth Internal Control Component

Effect of change on the component

Fifth Internal Control Component

Effect of channge on the component