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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.
Audit risk is a function of the risks of material misstatement and detection riskâ. Hence, audit risk is made up of two components â risks of material misstatement and detection risk. Risk of material misstatement is defined as âthe risk that the financial statements are materially misstated prior to audit. This consists of two components... inherent risk ...