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11.Consider the following statement: When inherent and control risk are assessed as high, the risk of material misstatement is assessed as high, and an auditor

11.Consider the following statement: "When inherent and

control risk are assessed as high, the risk of material misstatement is

assessed as high, and an auditor will set detection risk as low to reduce

audit risk to an acceptably low level." Explain what it means to set detection

risk as low. What does this mean for the operation of the audit?

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