When misstatements due to incorrect accounting estimates are factored in,the true probability of material misstatement is simply the product of Audit Risk and Information Risk

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Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. It is a function of the risks of material misstatement (inherent and control risks) and detection risk, not simply the product of audit risk and information risk. Information risk relates to the possibility that the information upon which the business risk decision was made was inaccurate. The true probability of material misstatement considers the inherent risk, control risk, and detection risk, not just audit risk and information risk.

When Misstatements Due to Incorrect Accounting Estimates Are Factored In,the