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What is the difference between detection and control risk?

Please discuss in context of Internal Control and Risk Assessment.

Business Analysis Internal Audit Financial Management managerial accounting Management
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Question added by Deleted user
Date Posted: 2014/08/30
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MUHAMMED HARIS MI
by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

I agree with the answer added by @abdulrahman tabash 

abdulrahman tabash
by abdulrahman tabash , retail manager , RUFF BOUTIQUE

  • 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
by Hozefa Mirchiwala , Accounts Executive , HUSSAINI construction Co.

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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