Task 3 For each significant financial statement account assertion, the inherent risk and control ris are assessed. The work performed around understanding the business provides the inherer risk assessment, while the results of any control testing provides the control risk assessmen The combination of these two risks can be known as overall risk assessment (ORA). The OR determines the nature, timing and extent of the substantive procedures to be performed that is, the detection risk to be mitigated by auditors. The ORA is determined using the following table: Control Risk 11 | Pag