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What is meant by âlowering detection riskâ in auditing? A practitioner (or simply auditor) performing audit engagement is required to reduce audit risk to such level that is suitable to provide reasonable assurance to the intended users.
2. Detection risk is the risk that the auditors' procedures will lead them to conclude that a material misstatement does not exist in an assertion when in fact such misstatement does exist 3. AR = IR * CR * DR Problem 5.1 Kom verder. Saxion. Identify and describe the two components of the risk of material misstatement.