Discussion:
(1) Please describe the audit risk model (RMM: risk of material
misstatement model) based on your own understanding and explain the
each term (factor) in the model in terms of how each factor affects
to the overall audit risk (increase or decrease) and amount of
audit evidence (nature, timing, and extent of evidence).
(2) Also, describe its interrelationships among each of FOUR
factors of the risk model; inherent risk, control risk, and
detection risk at an acceptable audit engagement...