x The risk an auditor will not detect a material misstatement in the financial statements is defined as Control risk. Inherent risk. Detection risk. o O Audit risk. 0 Business risk. O x Your answer is incorrect. Try again. Which of the following accurately describes audit risk? (Several choices may be correct.) Function of risks of material misstatement and detection risk. Risk the auditor expresses an inappropriate audit opinion when the financial report is materially misstated. Risk the client's controls will not prevent, or detect and correct, a misstatement on a timely basis. Risk that errors can simply happen. Function of business risk and economic risk. U U Risk that the procedures performed by the auditor will not be effective in detecting a material misstatement on a timely basis