Consider the following statement: If inherent and control risk are high, the auditor will set detection risk
Question:
Consider the following statement: ‘If inherent and control risk are high, the auditor will set detection risk as low to maintain a low audit risk’. Explain what it means to set detection risk as low. What does this mean for the operation of the audit?
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In the context of auditing the statement refers to the risk assessment process which involves evaluating inherent risk control risk and detection risk ...View the full answer
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Maria Rejmay
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Related Book For 
Auditing A Practical Approach
ISBN: 9780730364573
3rd Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
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