Question 1 Claudia is planning the audit of the account receivables for ABC Company. She has assessed the following risks as low, medium, or high for the accuracy and valuation assertion in the account receivables. Audit Risk Inherent Risk Control Risk Detection Risk Balance- Related Assertions Accuracy and Valuation Low High Medium Required: a. Briefly define detection risk. (2 marks) b. What is the detection risk for the above accuracy and valuation assertion using the terms low, medium, or high? (2 marks) c. What level of audit evidence is required using the terms greatest or least? Why? (2 marks)