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how we can minimize audit risk while conducting an audit? how much effect it can have on audit opinion?
The inherent risk and control risk is assessed by the auditor at three levels – high or maximum risk, medium or moderate risk, and low risk. High inherent and control risks call for a low detection risk so as to have an overall low audit risk. The auditor, therefore, needs to carry out more detection procedures to be convincingly assured about the financial statements being free from material misstatements.
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