Which of the following is NOT a characteristic of detection risk?

Detection risk refers to the risk that an auditor may not detect a material misstatement that exists in the financial statements. It is influenced by various factors, including the effectiveness of audit procedures, the likelihood of undetected errors, and the presence of material misstatements.

The characteristic described as the predictability of future misstatements does not align with the concept of detection risk. Instead, detection risk is primarily about existing misstatements and the auditor's ability to identify them through their examination and testing processes. The other characteristics are integral to understanding detection risk: the likelihood of undetected errors reflects the inherent limitations of auditing, while the effectiveness of audit procedures indicates how well those procedures can reveal misstatements. Also, the existence of material misstatements emphasizes that risk arises from the potential presence of these errors within the financial statements.

Therefore, distinguishing the predictability of future misstatements from these concepts highlights why it does not pertain to detection risk, making it the correct choice in this context.