ABCD is an accounting practice situated in Durban. You, a newly graduated auditor from Mancosa joined the company in $2023.$ After a $6-$month induction process, your manager, Kenneth, requested you perform an audit engagement on JVC Holdings$.$ JVC Holdings acceptable risk is $4\%,$ and the inherent and control risk is $80\%$ and $100\%$ respectively. Kenneth would like you to present the audit risk model, detail the three $(3)$ elements of audit risk and calculate and interpret the detection risk results of JVC Holdings.