Which of the following statements is false regarding various types of risks that the auditor must assess?

a. Inherent risk refers to the susceptibility of an assertion about a class of transaction, account balance, or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any related controls. 

b. Control risk refers to the risk that a misstatement, which could occur in an assertion about a class of transaction, account balance, or disclosure, and which could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the organization’s internal control. 

c. Residual risk of material misstatement refers to the possibility that a material misstatement will exist and will not be mitigated by the control system. 

d. Inherent risk refers to the possibility that a material misstatement will exist and that will not be mitigated by the control system.