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ABCD is an accounting practice situated in Durban. You, a newly graduated auditor from Mancosa...

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Accounting

ABCD is an accounting practice situated in Durban. You, a newly graduated auditor from Mancosa joined the company in
2023. After a 6-month induction process, your manager, Kenneth, requested you perform an audit engagement on JVC
Holdings. JVC Holdings acceptable risk is 4%, and the inherent and control risk is 80% and 100% respectively. Kenneth
would like you to present the audit risk model, detail the three (3) elements of audit risk and calculate and interpret the
detection risk results of JVC Holdings.

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