II. Classify each of the following items as related to: a. audit risk; b. control risk; c. inherent risk; or d. detection Risk. 1. An inexperienced staff auditor misses a material 2. The partner feels that the audit is very important misstatement of an account. 3. The account balance represents an asset which is easily stolen 4. The company has an inadequate system to safeguard assets. ective estimates. 1 Section III is on the next page