) The audit risk model includes the four risks listed below. Place the correct l

Question

) The audit risk model includes the four risks listed below. Place the correct letter of the type of risk with the related definition below.
A. Inherent risk
B. Audit risk
C. Control risk
D. Detection risk
___1. The probability that audit procedures will fail to produce evidence of material misstatements.
___2. The probability that material misstatements have occurred in transactions entering the accounting system.
___3. The probability that an auditor will give an inappropriate opinion on financial statements.
___4. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.

Explanation / Answer

1. D. 2. A. 3. B. 4. C.

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