$1.$ Items $($i$)$ through $($iv$)$ are examples of internal controls that you have documented for the interest bearing liabilities and interest expense segment of your client$$s system. i$.$ Before interest expense is calculated, for an interest bearing liability, the accountant confirms the interest rate with the financial institution that lent the money, to ensure that the correct rate is used. ii$.$ After the interest expense has been calculated, the accountant reconciles the interest expense account to the interest bearing liabilities sub$-$ledger, to check that all interest bearing liabilities have an entry in the interest expense account. iii. Before the preparation of the year end trial balance, the accountant checks that foreign currency loans are translated into Australian dollars at the correct exchange rate. iv$.$ All ledger entries, for interest bearing liabilities, include the name of the lender and the identity number from the loan contract. Required: For each item state: a$)$ The assertion that the control addresses b$)$ A test of control that would provide evidence that the control is effective $($note that inquiry of client personnel or investigation of policy and procedures manuals is not a sufficient answer.$)$