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Assume an audit team is planning the audit, and they have determined the following parameters as part of the Audit Risk Model: Engagement Risk =
Assume an audit team is planning the audit, and they have determined the following parameters as part of the Audit Risk Model: Engagement Risk = Moderate Inherent Risk =0.77 Control Risk =0.43 Acceptable Audit Risk =0.11 In order to achieve the acceptable level of Audit Risk, at what value should the audit team establish Detection Risk? (Round your answer to the second decimal place.) Assume an audit team is planning the audit, and they have determined the following parameters as part of the Audit Risk Model: Engagement Risk = Moderate Inherent Risk =0.77 Control Risk =0.43 Acceptable Audit Risk =0.11 In order to achieve the acceptable level of Audit Risk, at what value should the audit team establish Detection Risk? (Round your answer to the second decimal place.)
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