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How to differentiate between the inherent risk and detection risk in the scenario of question? Please assist.
Inherent risk is a built in risk. It means auditor can do nothing about it. But the detection risk is in auditors hands. If the inherent and control risks are high, then detection risk would be low and vice versa.
Then in Detection risk : 1) sampling risk
2) non-sampling risk.Can you please help this question identify inherent risks and control risks in the flowing
-falling profit
-Employee complaining holiday entitlement, pay, pension
whilst staff on strike receivable, payables, credit control.Financial direct left the company
marketing budget cut 20%
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