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Your audit team is performing an engagement to test the application controls of Key Bank, specifically around the interest calculation module. Your audit partner would

Your audit team is performing an engagement to test the application controls of Key Bank, specifically around the interest calculation module. Your audit partner would like to evaluate whether the Black box or White box approach should be used for this engagement. Prepare a memo to a) summarize the considerations to determine the appropriate testing method, and b) identify three (3) audit assertions and audit steps as part of your audit plan.

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