Bayt.com

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

If Inherent and Control Risk are high, Can auditor accept detection risk at high level as well?

Internal Audit
user-image
Question added by Kamran Anjum , Head of Internal Audit , Rafhan Maize Products Company limited, Faisalabad, Pakistan, Ingredion Incorporated Gmbh
Date Posted: 2014/04/01
Upvote (0) Views (1) Followers (0) Answers (1) Report Question
Write an Answer
Register now or log in to answer.
M. Omair Afridi
by M. Omair Afridi , Manager Finance , TM Group of Hotels

If inherent risk and control risks are high, the auditor should keep detection risk at as minimum level as possible. Detection risk can be minimized by relying more on substantive procedures (test of details) and keeping materiality as well as performance materiality at low level.

Write Your Answer
More Questions Like This