Question: The risk that an auditor will conclude, based on substantive tests, that a material error does not exist in an account balance when, in fact,

The risk that an auditor will conclude, based on substantive tests, that a material error does not exist in an account balance when, in fact, such error does exist is referred to as
1.
sampling risk.
2.
inherent risk.
3.
control risk.
4.
detection risk.

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