Question

1.Attestation services are performed by

A. external auditors

B. internal accountants

C. internal auditors

D. third-party accountants

2. One characteristic of employee fraud is that the fraud

A. is perpetrated at a level to which internal controls do not apply

B. involves misstating financial statements

C. involves the direct conversion of cash or other assets to the employee’s personal benefit

D. involves misappropriating assets in a series of complex transactions involving third parties

Answer 1

1. Attestation service is an independent review of companies financial statement by CPA, inorder to obtain sufficient and appropriate audit evidence, which inturn lets him to express an opinion on financial statements of the entity attested. This CPA's are called external auditors

Answer:-A. external auditors

2.Employee fraud is when, employees intentionally misstate the records of the entity for personal benefits.

Answer:- C. involves the direct conversion of cash or other assets to the employee’s personal benefit