Following Are Definitions of Related Types of Risk

Short Answer

Following are definitions of related types of risk.
REQUIRED: For each of the following, indicate the type of risk that is defined. Use the following codes:
A:Audit Risk
C:Control Risk
I:Inherent Risk
D:Detection Risk
1.The risk that a material misstatement that could occur in an assertion will not be
prevented or detected on a timely basis by the entity's internal controls.
2.The risk that the auditor may unknowingly fail to appropriately modify his or
her opinion on financial statements that contain a material misstatement.
3.The risk that the auditor will not detect a material misstatement that exists in an
assertion.
4.The susceptibility of an assertion to a material misstatement assuming that there
are no related internal controls.