Risk

The risk that an error exists that could be material or significant when combined with other errors encountered during the audit, there being no related compensating controls, is the inherent risk. 

Control risk is the risk that a material error exists that will not be prevented or detected on a timely basis by the system of internal controls.   

Detection risk is the risk when an IS auditor uses an inadequate test procedure and concludes that material errors do not exist, when they do.   

Sampling risk is the risk that incorrect assumptions are made about the characteristics of a population from which a sample is taken.