Inherent risk could be best described as:

A. A function of the effectiveness of the internal control structure.

B. The risk that the auditor's substantive procedures will not detect any misstatements that occur and that are not prevented or detected by the internal control structure.

C. The possibility that a material misstatement could occur.

D. The risk that a material misstatement could occur and not be prevented or detected on a timely basis by the entity's internal control function.