Current Attempt in Progress

Joe and Mickey are working on the audit of Towson LLC$,$ a small firm engaged in the enterprise of candy and confectionary sales. Joe is attempting to explain audit assertions to Mickey, and how these assertions relate to the audit. Which of the following is accurate regarding audit assertions?

Assertions are extremely important in the world of auditing. Every assertion affects every account and is thus tested by the auditor.

Assertions are key to understanding the world of auditing. Not all assertions apply to all accounts, and if a firm's system of internal control is strong, electronic evidence will be available for all assertions tested.

Assertions are implicit within the financial statersents and are made by the auditor during testing of a client's accounts.

Assertions are key to understanding the world of auditing. Not every assertion will apply to every account, and sometimes evidence supporting an assertion is not available in electronic format.