On performing risk assessment, which of the following is correct?

Group of answer choices

Compared to the management, the auditor is required to have more knowledge of the entity's business.

Risk assessment procedures, by themselves, provide sufficient appropriate evidence on which to base the audit opinion

"Observation", as a risk assessment procedure is normally applied to records, documents and assets with physical substance.

Risk assessment procedures are required on every audit engagement, even if it is a continuing audit engagement.