Following Are Definitions of Related Types of Risk

question 25

Short Answer

Following are definitions of related types of risk.
REQUIRED: For each of the following, indicate the type of risk that is defined. Use the following codes:
A:Audit Risk
C:Control Risk
I:Inherent Risk
D:Detection Risk
1.The risk that a material misstatement that could occur in an assertion will not be
prevented or detected on a timely basis by the entity's internal controls.
2.The risk that the auditor may unknowingly fail to appropriately modify his or
her opinion on financial statements that contain a material misstatement.
3.The risk that the auditor will not detect a material misstatement that exists in an
assertion.
4.The susceptibility of an assertion to a material misstatement assuming that there
are no related internal controls.

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Definitions:

Haloperidol

A medication commonly used to treat psychotic disorders such as schizophrenia, acting as an antipsychotic by altering the effects of chemicals in the brain.

Acute Dystonic Reaction

A rapid onset of muscle contractions that can lead to involuntary twisting movements or abnormal postures.

Drooling

The unintentional spillage of saliva from the mouth, which can be due to various medical conditions or developmental stages.

Tardive Dyskinesia

A neurological disorder characterized by involuntary, repetitive body movements, often resulting from long-term use of antipsychotic medication.