The audit manager assigned to the audit engagement of Haavisto LLC is attempting to explain the concept of detection risk to a newly hired staff associate. Which of the following statements most accurately describes the concept of detection risk? O Detection risk is closely related to the risk of material misstatement, and is generally set at the same level initially for all industries. O Detection risk refers to the risk that the auditor fails to detect any misstatements in the client's financial statements because the auditor employed incorrect audit procedures. O Detection risk is inversely related to audit risk, and is typically determined by the audit partner at the conclusion of the engagement. O Detection risk relates to the concept that the auditor may inadvertently miss a material misstatement in the client's accounts because of inappropriate testing procedures.