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Management assertions are extremely important to the profession of auditing. Auditors essentially test assertions implicit within the

financial statements to effectively audit different areas of an entity. Which of the statements below are true pertaining to assertions?

$($Several cholces may be correct.$)$

During the risk assessment phase of the audit, auditors typically use management assertions as a guide to determining

where higher risk areas of the audit may be$.$

Assertions may relate to measurement of account balances, presentation and disclosure, and are routinely tested as part of

the audit.

Assertions are made implicitly by management, and are contained within the financial statements of the entity being

audited.

Assertions are made explicitly by the auditor, and are tested by the auditor to ensure compliance with applicable rules and

regulations.

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