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Answer the following questions to define the audit risk model and its components:
1. Define the audit risk model.
2. What is meant by control risk? What is the effect on the amount of evidence the auditor must gather and evaluate when control risk is decreased from high to low?
3. What is meant by inherent risk? Identify four factors that make for high inherent risk in audits.
4. What is meant by acceptable audit risk? What is its relevance to evidence accumulation?
5. What is meant by planned detection risk? What is the effect on the amount of evidence the auditor must gather and evaluate when planned detection risk is increased from medium to high?
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