Which of the following best describes the relationship between attestation services and audit services?
A) Attestation is a subset of auditing that improves the quality of information for decision makers.
B) Auditing is a subset of attestation and focuses on providing companies with advisory services and decision support.
C) Auditing is a subset of attestation that involves the issuance of an opinion regarding the fairness of financial statements.
D) Attestation is a subset of auditing that provides more assurance than does an audit engagement.
Answer: C) Auditing is a subset of attestation that involves the issuance of an opinion regarding the fairness of financial statements.
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which of the following are benefits of constructive conflicts?
a. creating yes-men b. creating new ideas c. building consensus d. combating groupthink e. spurring competition among employees
A lender has an affiliated business arrangement with a third-party service provider. Under what circumstances can the lender require a borrower to use particular services in a loan transaction?
a. If there are no kickbacks or referral fees b. Only if the lender has an ownership interest of more than 1% c. If there are no kickbacks or referral fees and the service provider is an attorney, credit reporting agency, or appraiser d. Under no circumstances; this is strictly prohibited by RESPA