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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.
In practice, the differences between process risks and product risks are often unclear. It is therefore important for a test manager to make sure that the stakeholders understand the difference.The test process must result in an understanding of the (ongoing) product risks.rocess risks represent a threat to achieving this result. Product risk. A product risk is the risk that the product does not live up to the expectations. Such expectations are rendered concrete by the functional and non functional requirements for a product.