Persephone, Inc.

Decent Essays
When conducting the audit for Persephone Inc, there are two possible alternative audit approaches: substantive testing or combined testing. Comprised of tests of details and substantive analytical procedures, substantive testing inspects the financial statements to determine if there are errors present. Alternatively, the combined approach relies on both the internal controls that are in use by the company, in addition to substantive testing to catch misstatements. Consequently, companies who are lacking definitive controls utilize substantive testing; it is also useful for companies where the controls are not properly implemented or functioning. While Persephone Inc. has numerous controls set in place, and is looking to further strengthen
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