The scope paragraph states that the audit is designed to: * Obtain reasonable assurance whether the O statements are free of material misstatement. Conform to generally accepted accounting principles. Discover material errors and/or irregularities Discover all errors and/or irregularities. Which of the following best describes the concept of audit risk? * The overall risk that a material misstatement exists in the financial statements. The risk that the auditor will provide an unqualified opinion on financial statements that are, in fact, materially misstated. The risk of the auditor being sued because of association with an audit client. The risk that auditors use audit procedures that are inappropriate. The lack of auditor's independence results in issuing of a (an): * Disclaimer report Adverse report Qualified report O Unqualified report The risk an auditor would not find an error that could be material is called: * Inherent Risk Control Risk Detection Risk Business Risk