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Plz xplain the following with examples
What is meant by an INHERENT RISK and CONTROL RISK in risk of material misstatement at assertion level….????
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IR = Susceptibility of an assertion/financial statement to material mistatement
CR= Risk that a mistatement in the financial will not be prevented or detected by a control
DR= Risk that an auditor will not detect a risk of material misstatement in an audit of a financial statement
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