Which of the following accurately describes audit risk? (Several choices may be correct.) Risk that errors can simply happen. Risk that the procedures performed by the auditor will not be effective in detecting a material misstatement on a timely basis. Risk the auditor expresses an inappropriate audit opinion when the financial report is materially misstated. Function of business risk and economic risk. Function of risks of material misstatement and detection risk. Risk the client's controls will not prevent, or detect and correct, a misstatement on a timely basis