How authentic is the Hadith: "Every innovation is a Bid'ah, and every Bid'ah is misguidance," and what is its chain of transmission (Sanad)?

Imam Ahmad and others narrated with an authentic chain of transmission from Al-Irbad bin Sariyah, may Allah be pleased with him, that the Prophet, peace and blessings be upon him, delivered a profound admonition to them. He enjoined upon them the fear of Allah, and to listen to and obey those in authority, even if he were an Abyssinian slave. He informed them that whoever lives long among them will see much disagreement. So, he commanded them to adhere to his Sunnah and the Sunnah of the rightly-guided Caliphs, warning them against innovations, for every innovation is a bid'ah (heresy), and every bid'ah is a misguidance.