The Audit Risk Model is AR=IR*CR*PDRAR=Acceptable Audit RiskIR=Inherent RiskCR=Control RiskPDR = Planned detection riska) Given that you are auditing theinventoryof a successful private company , in the lumber producing industryThe owner has plans to retire and enter a less volatile industry, and is shopping the company around to prospective buyers.and you have plans to rely on the internal controls- as they have always been reliable in the past-assessAudit risk, Control risk, inherent risk and planned detection risk -for the valuation assertion