You are the auditor for a business that has an IT-based information system. You are planning the year-end Audit procedures related to the annual financial audit for the business.

Discuss the factors that would let you think that auditing around the computer is a more effective approach.

If the auditing around the computer approach would be selected, discuss inherent limitations associated with the output-oriented and the input-oriented methods.

If you elect to utilize the auditing through the computer approach, Discuss five factors that have an impact on inherent risks associated with IT-based information systems.

Discuss the use of test data and parallel simulation procedures in the audit separately along with related and positive and negative aspects related to each of them.