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Inherent risk and control risk is inversely related to detection risk- ..
A detection risk is inversely proportional to Inherent risk (IR) and Control Risk (CR). If IR and CR is high, Detection risk is low. If IR and CR is low, Detection risk is high.
RMM is high: this means that an auditor is not satisfied about the controls existing and there is a huge risk on the financial statements being materially mis stated. As a result an auditor would get into more detailed and corroborative evidence. The substantial procedure will increase and the sample size will also increase. Audit procedure will be extended to closing period as well over and above the interim period. It is not that no procedure will be done at interim. The chances that a particular mis statement will not be detected is low. Hence the detection risk is kept low.
RMM is low: this is the other way. Here the controls are well in place and the auditor will not test/ check many samples. Here the chances that a particular mis statement will not be detected is high. Hence the detection risk is kept high.
Inherent risk ..Inherent risk is the risk posed by an error or omission in a financial statement due to a factor other than a failure of control. So this always happens in financial statement
Example, transactions involving exchange of cash may have higher IR than transactions involving settlement by cheques
Control risk-
CR refers to the risk that a misstatement could occur but may not be detected and corrected or prevented by the entity's internal control mechanism. Example,control risk assessment may be higher in an entity where separation of duties is not well defined
Question will specifically mention abt any control laspe or good control.
Detection risk- DR is the probability that the audit procedures may fail to detect existence of a material error or fraud. While CR depends on the strength or weakness of the internal control procedures, DR is either due to sampling error or human factors
Mostly this you will able to judge the questions if it is is failure or success of audit procedure
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