Question: 5-1. 5-2. 5-3. 5-4. Describe the relationship between detection risk and audit risk. Identify and describe the two components of the risk of material

5-1. 5-2. 5-3. 5-4. Describe the relationship between detection risk and audit risk. Identify and describe the two components of the risk of material misstatement. Define inherent risk. Can the auditors reduce inherent risk by performing audit procedures? Distinguish among routine, nonroutine, and estimation transactions. Include an example of each.

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