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Please,
It may sound very basic but I would like clarification about the following.
The difference between business risk and Control risk
The difference between Audit risk and Risk of material mistatement.
Thanks,Business risks comprises of FINANCIAL; COMPLIANCE; AND OPERATIONAL risks.
Audit risk is all the risks associated with the financial statements being materially misstated. they comprise of INHERENT; DETECTION; AND CONTROL risks.
By some researchs I found that answer:
Risk of material mistatement = Financial statement risk = IR + CR
Audit Risk = IR + CR + DR
Business risk is related to general situations that may treathen the future success of the company. It is not related to accounts and Financial statements.
Control Risk is everything that the company does not do correctly to have the accounts right.
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