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Hello everyone. I want to discuss two key elements of audit risk and how they made perfect sense while studying them. So inherent risk is the risk of misstatement assuming no controls are in place, while control risk is the risk of misstatement if the controls dont work. These are the two elements of audit risk that the auditor doesnt control, but are very important.
RISK AND SAFETY ETHICS. Â© M. Ragheb. 12/4/2015. 6.1 INTRODUCTION. Risk is associated with engineering in terms of structures, products, processes and. materials used in the construction and operation of engineering structures. Invention and. innovation introduce an extra element of risk in the lack of knowledge or ignorance about. the operational performance of the new products.