Detection Risk model is determined solely by the auditor's substantive audit procedures.
The risk of detection is the likelihood that an auditor may miss significant inaccuracies in the financial statements of a business.
These false remarks might be the result of fraud or mistake. Audit processes are used by auditors to find these inaccuracies.
Where a business has given non-assurance services to the audit customer that have a significant influence on financial statements, detection risk is considerable. This is due to the firm's decreased ability to spot inaccuracy in work that was done by them.
The business risk, material misstatement risk, and its two components, the control risk and the inherent risk, are associated with detection risk.
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