State whether each of the following statements is correct or incorrect concerning audit risk and its components inherent risk, control nisk, and detection risk. b The nsk of material misstatement is composed of the three components of audit risk Inherent risk is the possibility of material misstatement before considering the client's internal control c. Less control risk means an increase in the risk of material misstatement d Detection is does not exist when no audit is performed Rather than restrict detections through the performance of more substantive procedures, auditors asset Absent any other changes, an increase in the of material missatement results in an increase in auditi Audit nsk refers to the possibility that the auditors may unknowingly fail to appropriately modify her opinion on financial statements that are mately or immaterially misstated h Both inherent and controlsk exist independently of the audit of financa statements