Final answer:
The statement is false because the net realizable value of accounts receivable is impacted by the control risks related to sales and cash receipts.
Step-by-step explanation:
The statement that accounts receivable balance-related audit objective net realizable value is not affected by assessed control risk for sales or cash receipts is False. The net realizable value of accounts receivable is indeed influenced by the control risk associated with sales and cash receipts. If there are significant control risks in these areas, it might indicate that receivables could be overstated due to unrecorded returns, allowances, or potential bad debts which management has failed to identify or record appropriately. When auditors assess control risks as high, they increase substantive testing to gather more evidence about the existence and valuation of receivables.