Which of the following is an incorrect statement?

a. The auditor should assess the risk that errors and fraud may cause the financial statements to contain a material misstatement.

b. The auditor should design the audit to provide reasonable assurance of detecting errors and fraud that are material to the financial statements.

c. The auditor is not an insurer, and his or her report does not constitute a guarantee.

d. The subsequent discovery that a material misstatement exists in the financial statements is evidence of inadequate planning, performance, or judgment on the part of the auditor.