Assume that the auditor sets audit risk at a low level equal to 1%. What is the

Assume that the auditor sets audit risk at a low level equal to 1%. What is the appropriate interpretation of this level of audit risk? a. The auditor is willing to take only a 1% chance that audit procedures will not detect a material misstatement. b. The auditor is 99% confident that the audit procedures will detect a material misstatement. c. The auditor is willing to take only a 1% chance of expressing an audit opinion that the financial statements are fairly presented when they are materially misstated. d. The auditor is 99% confident that the audit opinion is correct.