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Define the terms inherent risk control risk and audit risk

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Define the terms inherent risk, control risk, audit risk, and detection risk. Explain how these risks relate to each other.

How are inherent risks of material misstatements related to internal controls? Why is it important to assess inherent risks of material misstatement prior to evaluating the quality of an organi- zation's internal controls?

Reference no: EM13886931

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