The auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures.

The susceptibility of an assertion in an account or disclosure to a misstatement before consideration of any related controls	Inherent risk
The risk that a misstatement that could occur will not be prevented, or detected and corrected, on a timely basis by the entitys internal control.	Control risk
The risk that the procedures performed by the auditor will not detect a misstatement that could be material.	Detection risk

c. Explain how these components are interrelated.