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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › definition
IR refers to the risk involved in the nature of business or transaction. Example, transactions involving exchange of cash may have higher IR than transactions involving settlement by cheques.
CR refers to the risk that a misstatement could occur but may not be detected and corrected or prevented by entity’s internal control mechanism
Is the above definition appropriate for a qs asked in exm to define thm?
Those definitions are fine.
