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What is meant by âlowering detection riskâ in auditing? A practitioner (or simply auditor) performing audit engagement is required to reduce audit risk to such level that is suitable to provide reasonable assurance to the intended users.
This is the end of the preview. Sign up to access the rest of the document. Unformatted text preview: Describe the relationship between detection risk and audit risk. 1. Audit risk is the possibility that the auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated.