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T he CPA firm of Lumley & Lu uses a quantitative approach to implementing the audit risk model. Calculate detection risk for each of the
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| he CPA firm of Lumley & Lu uses a quantitative approach to implementing the audit risk model. Calculate detection risk for each of the following hypothetical clients. (Omit the "%" sign in your response. Round your final answer to the nearest whole number.) |
| Client No. | Audit Risk | Risk of Material Misstatement | Detection Risk |
| 1 | 5% | 20% | % |
| 2 | 5% | 50% | % |
| 3 | 10% | 15% | % |
| 4 | 10% | 40% | % |
| | |||
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