Elaborate on the following Chapter 4 points:

1: Define engagement risk

2: Define the achieved level of audit risk

3: Understand the risk when the client is focused on its PE ratio

4: Define detection risk

5: Understand the risk of material misstatement as compared to detection risk

6: Identify inherent risk factors pervasive in the clients financial statements

7: Understand the relationship between the risk of material misstatement and substantive tests