Understanding assertions is a key part of understanding the systematic approach undertaken by most external auditors. Which of the following statements is more accurate pertaining to assertions in auditing?

Group of answer choices

Assertions are determined by the auditor at the beginning of the audit engagement as part of the risk assessment phase, and then are subsequently audited by the auditor.

Assertions are representations made orally by management pertaining to the financial statements, and for which they can be held liable.

Assertions are made by management and checked by the external auditor. Assertions only apply to quantitative amounts contained in the financial statements.

Assertions are considered to be made by management and apply to the financial statements. Assertions may be both explicit and implicit.