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I’m struggling with understanding the effects of audit risk on its individual components.
How do you know how a scenario effects inherent risk, control risk, and detection risk (increase/decrease/no change)?
I understand the inverse relationship between control and detection risk, but when you have to assess all three components what do you do? Are only two components affected or can all three be affected as well?
AUD - January 2017BEC - Passed
FAR - Passed
REG - Passed
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