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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.
Probably much to the chagrin of practitioners, the official definition of limit of detection is not really simple: Taking the detection decision at the critical level (LC) leads to a risk a of false detects. Given this critical level, the limit of detection (LD) is construed as the level that will lead to false non-detects with probability b. Common values for a and b are 1% and 5%. The proper values are of course problem-dependent. This definition may lead to surprises.