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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 197 / 352

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© D.L. Crumbley

Definitions

Materiality is the measure of whether something is significant enough to change an investor’s investment decision.

Control risk is risk that a material error in the balance or transaction class will not be prevented or detected.

Inherent risk is risk that an account or transactions contain material misstatements before the effects of the controls.

Detection risk is risk that audit procedures will not turn up material error when it exists.

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