How do inherent risk and control risk differ from detection risk?

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24-02-2018
Business

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How do inherent risk and control risk differ from detection risk?

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Wisely Wisely · Answer 1 · 2018-02-24T14:54:26+01:00

Wisely Wisely

24-02-2018

They exist independently of the audit of financial statements, whereas detection risk relates to the auditor's procedures and can be changed at his or her discretion. Detection risk should bear an inverse relationship to inherent and control risk.

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