Explain in detail the meaning of inherent,control and detection risk?

audit risk is the risk that the auditors may give an inappropriate opinion on the financial statements. audit risk comprises inherent,control and detection riskExplain in detail the meaning of inherent,control and detection risk?
Inherent risk is the susceptibility of an assertion to material misstatement, assuming no related controls. In other words, IR is the likelihood that a material misstatement exists in the financial statements without the consideration of internal control.





Control risk is the risk that material misstatements that could occur will not be prevented or detected by internal controls. That risk is a function of the effectiveness of the design and operation of internal control in achieving the entity's objectives relevant to preparation of the entity's financial statements. Some CR will always exist because of the inherent limitations of internal control.





Detection risk is the risk that the auditor will not detect a material misstatement that exists in the financial statements. Detection risk can be controlled by the auditor through the scope of the audit procedures performed. DR is determined by the effectiveness of the audit procedure and how well it is applied by the auditor.





This information came from a book called ';Auditing%26amp; Assurance Services'; by Messier, Glover, and Prawitt.





I hope this helps.