Problem

The audit risk model includes the four risks listed below. Place the correct type of risk...

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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