Question: 1. Using the audit risk model, identify the relationship between the following elements. For each of the items below, highlight whether the two elements have

1. Using the audit risk model, identify the relationship between the following elements. For each of the items below, highlight whether the two elements have an inverse relationship, a direct relationship, or no relationship. When considering each item, assume that the other components of the risk model remain constant.

  1. Engagement Risk and Acceptable Audit Risk
  2. Assessed Inherent Risk and Planned Detection Risk
  3. Materiality and Amount of substantive evidence needed
  4. Assessed Inherent Risk and Assessed Control Risk
  5. Acceptable Audit Risk and Assessed Control Risk
  6. Amount of substantive evidence collected and Achieved Detection Risk
  7. Actual Inherent Risk and Actual Control Risk
  8. Achieved Detection Risk and Achieved Audit Risk

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