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lohnson CPA Firm is beginning the audit of cash and cash equivalents for Madras Company, a purveyor of fine jewelry throughout the ontinental United States. One of the audit partners assigned to the engagement notes that Madras has historically had strong nternal controls over cash and cash equivalents, with no audit issues noted in prior years. As a result of this information, which of the ollowing is most accurate? The auditor is likely to assess control risk as low, based on the results of previous years and a demonstrated strong system of internal control. Despite this, the auditor will perform tests of internal controls. The auditor is likely to determine that control risk is low, and as a result, formally request the internal audit function perform the audit of this area as they are more familiar with the client's cash and cash equivalents. The auditor is likely to conclude that cash and cash equivalents for the client do not need to be audited. These billable audit hours can instead be redirected to another area. The auditor is likely to conclude that control risk for this year's audit of this area should be assessed as high. This will involve the auditor adopting a reliance strategy and relying more on the client's internal controls