Problem

The following are descriptions of components of the audit risk model. Indicate, using the...

The following are descriptions of components of the audit risk model. Indicate, using the correct letter, which component is most closely associated with the example. Each component is associated with only one description.

1. The auditor performs more effective substantive procedures

     Control risk 

  ____ 

2. The auditor issues an unqualified opinion on the client’s financial statements when a qualified or adverse opinion is more appropriate

     Inherent risk 

  ____ 

3. The client’s controls are not functioning as effectively as the auditor had anticipated

     Audit risk 

  ____ 

4. Accounts such as revenue and receivables are highly susceptible to misstatement

     Detection risk 

  ____ 

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