Inherent risk is the risk that there is an error in the first place.
Detection risk is the risk that the auditor will not detect a material misstatement. Detection risk is affected by the auditor's procedures and can be changed at his or her discretion.
Audit risk is the risk that the auditor will give an unqualified opinion, when in fact; there is a material misstatement in the area being audited.
Control risk is the risk that the internal controls will not detect, or prevent the error.
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