What does detection risk mean?
Definitions for detection risk
de·tec·tion risk
This dictionary definitions page includes all the possible meanings, example usage and translations of the word detection risk.
Wikipedia
Detection risk
Detection Risk (DR) is the risk that the auditor will not detect a misstatement that exists in an assertion that could be material (significant), either individually or when aggregated with other misstatements. In other words, the chance that the auditor will not find material misstatements relating to an assertion in the Financial statements through substantive test and analysis. Detection risk results in the auditor's conclusion that no material errors are present where in fact there are. It is a component of audit risk. Detection Risk and quality of audit have an inverse relationship: if detection risk is high, lower the quality of audit and if detection risk is low, generally increase the quality of audit.
Numerology
Chaldean Numerology
The numerical value of detection risk in Chaldean Numerology is: 1
Pythagorean Numerology
The numerical value of detection risk in Pythagorean Numerology is: 8
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"detection risk." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/detection+risk>.
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