This document discusses different types of audit risk: inherent risk, control risk, and detection risk. It notes that inherent risk relates to the complexity of a client's business or transactions, control risk relates to whether current controls can detect or prevent errors, and detection risk is the risk that an auditor fails to detect issues or issues an incorrect opinion. The document concludes that higher inherent and control risks require lower detection risk through more audit procedures, time, larger samples, and experienced staff, while lower inherent and control risks allow for higher detection risk through smaller samples and less audit time.