The auditor can control some types of risks, but must assess other types of risks. A number of different types of risk were introduced in this chapter.

Required
a. Define each of the following risk concepts that were introduced in this chapter.
b. Indicate the importance of the risk to the conduct of the audit.
c. Indicate whether the auditor either assesses the risk or whether the auditor controls the risk. Use the followingformat:

Importance Assessed or Definition to Audit Controlled Risk Enterprise Risk Engagement Risk Financial Reporting Risk Audit Risk Inherent Risk Control Risk Detection Risk