When control risk for the existence assertion is assessed at a high level, which of the following is a likely effect with respect to the auditors' confirmation of receivables?
Multiple Choice
1 The account balances as of year-end will generally be confirmed.
2 The auditors will in general use blank rather than positive confirmation requests.
3 The auditors will be required to confirm accounts as of an interim date (during the year under audit) and as of year-end.
4 Confirmation will not in general be used as the auditor will rely primarily upon support such as vendors' invoices, purchase orders and receiving reports.

Control risk is the possibility of a major misstatement in a company's financial statements as a result of the absence of pertinent internal controls to mitigate a specific risk or the failure of the internal controls already in place.
Control risk is the possibility of a material misstatement as a result of controls that fail to reduce a mistake. Control risk is an illustration of cybersecurity risk.
Control risk is the possibility that the company's internal controls won't promptly prevent or identify a major misstatement that could arise in an assertion due to fraud or error, either alone or in conjunction with other misstatements, which could be material.

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