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What is inherent risk and control risk

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Reference no: EM132857404

Question -

1. Why is the concept of risk important in the study of auditing?

2. What is inherent risk? Control risk? Detection risk? Which among these risk components are controllable and non-controllable by the auditor and why are they so?

3. Describe the relationship that exists among the audit risk model, materiality, audit procedures, and audit evidence.

Reference no: EM132857404

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