What is the difference between detection and control risk?

Question

Please discuss in context of Internal Control and Risk Assessment.

MUHAMMED HARIS MI · Answer

I agree with the answer added by @abdulrahman tabash

abdulrahman tabash · Answer

Control Risk is the risk of a material misstatement in the financial statements arising due to absence or failure in the operation of relevant controls of the entity.

Detection Risk is the risk that the auditors fail to detect a material misstatement in the financial statements.

Hozefa Mirchiwala · Answer

Detection is a what you do post decision being made which includes finding any irregularities etc. It is a kind of protective or curing measures. Where as control risk is a preventive measure.

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ابدأ بالتواصل مع الأشخاص وتبادل معارفك المهنية

What is the difference between detection and control risk?

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