What is the difference between detection and control risk?

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DR MD ANWAR HOSSAIN
11-October-2016

Please discuss in context of Internal Control and Risk Assessment.

Business Analysis Internal Audit Financial Management managerial accounting Management

Question added by Deleted user
Date Posted: 2014/08/30

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3 Answers

by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

I agree with the answer added by @abdulrahman tabash

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by abdulrahman tabash , retail manager , RUFF BOUTIQUE

Control Risk is the risk of a material misstatement in the financial statements arising due to absence or failure in the operation of relevant controls of the entity.

Detection Risk is the risk that the auditors fail to detect a material misstatement in the financial statements.

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by Hozefa Mirchiwala , Accounts Executive , HUSSAINI construction Co.

Detection is a what you do post decision being made which includes finding any irregularities etc. It is a kind of protective or curing measures. Where as control risk is a preventive measure.

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