If control risk has increased in the current period as compared to the previous period, then: The acceptable level of detection risk will decrease and more substantive testing will be required in the current period relative to the previous period. The acceptable level of detection risk will increase and less substantive testing will be required in the current period relative to the previous period The auditor will adjust the inherent risk that management's financial statement assertions are materially misstated assuming there are no related internal control policies or procedures The auditor must use a substantive approach rather than a combined approach. Which of the following statements regarding risk assessment is correct? The risk of material misstatement is a function of detection risk and control risk. A high assessment of detection risk will require a reduction in inherent risk. An auditor's assessment of control risk at a low level can help to offset a higher level of inherent risk An auditor is required to assess the inherent risk, control risk, and detection risk within the client before beginning the audit