An auditor has set an overall level of acceptable audit risk in respect of a client of 10%.?

... Inherent risk has been assessed at 50% and control risk at 80%.Required(a) Explain the meaning of a 10% level of audit risk.(b) What level of det

... Inherent risk has been assessed at 50% and control risk at 80%.
Required
(a) Explain the meaning of a 10% level of audit risk.
(b) What level of detection risk is implied by this information?
(c) If the level of audit risk were only 5%, how would this affect the level of
detection risk and how would the audit work be affected by this change?

or:... Inherent risk has been assessed at 50% and control risk at 80%.Required(a) Explain the meaning of a 10% level of audit risk.(b) What level of detection risk is implied by this information?(c) If the level of audit risk were only 5%, how would this affect the level ofdetection risk and how would the audit work be affected by this change?

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