what is the difference between inherent risk and control risk 
inherent risk is an error or omission in a financial statement due to a factor other than a failure of internal control control risk on the other hand refers to the misstatement of financial statements due to sloppy accounting practices can auditors reduce inherent risk if inherent and control risks are considered high an auditor can keep the overall audit risk at a reasonable level by lowering the detection risk this can be achieved by targeted audit selections or increased sample sizes 