detection risk
The *risk that the *misstatement of items in *financial statements may not be found through an auditor’s *substantive and Compliance tests. Detection risk is considered alongside *inherent risk and Control risk as one of three components of external *audit risk. Unlike inherent risk and control risk, detection risk can be considered as directly controllable by the auditor, who can perform *audit tests devised expressly to minimize it.

Auditor's dictionary. 2014.

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