State about the detection risk, Financial Management

State about the Detection risk

This is the risk that auditors 'substantive procedures don't detect a material misstatement in an account balance or class of transactions. It is mainly the consequence of the fact that auditors don't, and can't, examine all available evidence.

Having assessed inherent risk and control risk, detection risk is then balancing figure set to achieve an acceptable total audit risk.

 

Posted Date: 9/3/2013 3:59:25 AM | Location : United States







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