Anybody can explain the relationship between

Audit risk, Inherent risk, Control risk and Detection risk and their effect on substaintative testing,test of control, test of details and interim reviews and year end tests.

Thanks and regards.

Hi any one can help me  with the 2 questions? Thanks!!

1. Which of the following statements best describes the period of a professional engagement as it applies to a three-year engagement to audit a financial statements?
a. it begins each year when fieldwork commences and ceases when fieldwork ends.
b. it begins when fieldwork commences and ceases when the report is issued, recommencing when fieldwork begins again for the next period.
c. it begins when the engagement is signed and ceases each year when the report is issued.
d. it begins when the engagement letter is signed and continues until the report for the third year is issued unless the relationship is terminated sooner.

I would want choose d, but think b is also reasonable.

2. Lindi, a consulting manager of Cambell & Company, is considering membership on an audit client's board of directors. Lindi does not provide any services to this client. Which of the following statements describing this situation is true?
a. Lindi my not join the board since the rules prohibit all professionals in the firm from serving as a director of a client.
b. Lindi may not join the board since only non-managerial employees of the firm may serve as client management.

Is answer a correct?