Final answer:
Sufficiency Risk is not a component of audit risk; the recognized components are inherent risk, control risk, and detection risk.
Step-by-step explanation:
The component that is not a part of audit risk is c) Sufficiency Risk. In the context of an audit, audit risk is traditionally comprised of three main components: inherent risk, control risk, and detection risk. Inherent risk refers to the possibility of material misstatement in an entity's financial statements due to the nature of the entity's business. Control risk is the risk that the client's internal controls will not detect or prevent a material misstatement. Detection risk pertains to the risk that the auditors' procedures will not detect a material misstatement that exists within an account balance or class of transactions. Sufficiency risk, on the other hand, is not recognized as a standard component of audit risk.