The audit risk model includes the four risks listed below. Place the correct type of risk with the related definition below.
1. The probability that audit procedures will fail to produce evidence of material misstatements | Detection risk | ____ |
2. The probability that an auditor will give an inappropriate opinion on financial statements | Inherent risk | ____ |
3. The probability that material misstatements have occurred in transactions entering the accounting system | Audit risk | ____ |
4. The probability that the client’s internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system | Control risk | ____ |
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