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What are the components of the audit risk model? How does the audit risk model impact an audit plan? What are the components of the audit risk model? How does the audit risk model impact an audit plan? The three components of audit risk are referred to respectively as inherent risk [IR], control risk [CR] and detection risk [DR].   This gives rise to the audit risk model of: AR = IR x CR x DR,   IR, inherent risk, is the perceived level of risk that a material misstatement may occur in the client's unaudited financial statements, or underlying levels of aggregation, in the absence of int ...
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