What is the model of audit risk?

Definition of Audit Risk Model: AR=IR×CR×DR, where AR (Audit Risk) is the likelihood of a material misstatement or omission in the accounting statements and the auditor's audit opinion being inappropriate; IR (Inherent Risk) is the likelihood of a material misstatement or omission in a particular account or class of transactions, either alone or together with other accounts or classes of transactions, assuming that the relevant internal controls do not exist. CR (control risk) is the likelihood that a material misstatement or omission will occur in an account or category of accounts or transactions, alone or in combination with other accounts or categories of transactions, and will not be detected by substantive testing.