Detection Risk (DR)
Risk that auditor’s procedures fail to detect a material misstatement.
This is the auditor’s own risk.
Can be reduced by:
- Appropriate planning, direction and supervision during the audit work
- Doing more tests or better procedures.
- Using more experienced staff
- Proper assignment of personnel to the engagement team,
- Application of professional scepticism
- Supervision and review of the audit work performed
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