Classify each of the following items as related to: a. audit risk; b. control risk; c. inherent risk; or d. detection risk.

1. An inexperienced staff auditor misses a material misstatement of an account.

2. The account balance is based on a large number of subjective estimates.

3. The CPA firm assigns more experienced staff to the audit of a large company, since this is a very important audit client.

4. To foster a sense of responsibility, no one checks the work of employees.

5. The auditor merely asks the controller if the financial statements are correct. No other work is done.

1. ____ 2. ____ 3. ____ 4. ____ 5. ____