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Audit Risk Model. AR = IR x CR x DRAR = Audit riskThe risk that the auditor will incorrectly issue an unqualified opinionIR = Inherent riskThe risk of material misstatements absent any internal controls or testing. Audit Risk Model. CR = Control riskThe risk that internal controls will fail to prevent or detect material misstatementDR = Detection riskThe risk that audit tests will fail to detect material misstatementTherefore, audit risk is a function of inherent risk, unchecked by contr9462

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