Define the terms inherent risk, control risk, audit risk and detection risk. Refer to exhibit 7.1 and explain how these risks relate to each other

that could be material, either individually or wh misstatements, will not be prevented, or detected timely basis by the entity's internal control Risks Relavant toon ai Material Misstatement at the Financial Statement Level Risk of Material Misstatement at the Account and Assertion Levels Inherent Risk Control Risk These risks are controlled by the client Audit Risk This risk is determined and controlled by the auditor. Detection Risk This risk is determined and controlled by the auditor