Which of the following best describes the concept of audit risk?
A. The risk of the auditor being sued because of association with an audit client.
B. The overall risk that a material misstatement exists in the financial statements.
C. The risk that the auditor will provide an unqualified opinion on financial statements that are, in fact, materially misstated.
D. The risk that auditors use audit procedures that are inappropriate.
Answer: C
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