In performing your firm's internal inspection, you find that the risk assessment on one of the audits subject to review addresses some, but not all, of the client's specific risks of material misstatement. The audit engagement team

May forego taking any action as long as sufficient substantive procedures were performed.

May defer taking any action and perform the omitted procedures on the subsequent year's audit

May defer taking any action and perform the omitted procedures on the subsequent year's audit, but only if sufficient substantive procedures were performed.

Should perform the omitted procedures.