Review: âI went to this lawyer for my custody suit and she was compassionate and willing to help me on very short notice. She put my mind at ease when the emotions were at peak and assured me that she would do her very best. I w... Practice areas & skills: Wills & Living Wills, Divorce & Separation, General Practice.
What is meant by âlowering detection riskâ in auditing? A practitioner (or simply auditor) performing audit engagement is required to reduce audit risk to such level that is suitable to provide reasonable assurance to the intended users.
Inherent risk is one of the risks auditors must look for when reviewing financial statements, along with control risk and detection risk. When conducting an audit the auditor will try to gain an understanding of the nature of the business while examining control risks and inherent risks. If inherent and control risks are considered to be high, an auditor can set the detection risk to a lower level to keep the overall audit risk at a reasonable level.