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Detection risk

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Detection Risk is the risk that the auditor will not detect a misstatement that exists in an assertion that could be material, either individually or when aggregated with other misstatements.[1] In other word chace that the auditor will not find material misstatements relating to an assertion in the Financial statements through substantive test and analysis.[2]

References

  1. ^ ISA 200 Objectives and General Principles governing audit of Financial Statements.
  2. ^ http://www.investopedia.com/terms/d/detection-risk.asp
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