Terminology/phrases

Question 1

We can see locally that the demand for audit services varies from audits of local entities to local national and international prestigious events such as _____________

Answer 1

BEAUTY PAGEANTS

Question 2

We have also seen that auditors due to their independence and professionalism are also task to oversee that there are no irregularities where substantial sums of money are involved in ___________ whether in Belize, Dominican Republic and even more so in the US

Answer 2

LOTTERIES

Question 3

One of the primary causes of information risk is the biases and motives of the provider, which is why when an auditor is engaged it is paramount and clearly stated that the auditor is _______________

Answer 3

INDEPENDENT

Question 4

In conducting local audits, the auditor is concerned that the financial statements are prepared in accordance with _____________

Answer 4

IFRS

Question 5

In conducting local audits, the auditors must be sure that the audit is being conducted in accordance with ________________

Answer 5

ISA

Question 6

In conducting local audits, the auditor must comply with ethical requirements as per _____________

Answer 6

IESBA

Question 7

Local auditors clearly state the degree of correspondence between the financial statements and established criteria in the ____________ paragraph of their audit report

Answer 7

SECOND

Question 8

In addition to audits of financial statements the other main types of audits include compliance audits and ____________________ audits

Answer 8

OPERATIONAL

Question 9

In the video about the Bangladesh Central Bank heist, the robbers were able to circumvent the ____________________ of the Bank

Answer 9

INTERNAL CONTROL

Question 10

To practice public accounting in Belize, a CPA needs to have practicing certificate from ___________________

Answer 10

ICAB

Question 11

In the USA registered auditors of public companies not only have to provide an opinion on the audit of the financial statements but also express an opinion on the effectiveness of _____________ over financial reporting

Answer 11

INTERNAL CONTROL,

Question 12

In the USA the body set up by SOX in charge of auditing standards for public companies is ________________

Answer 12

PCAOB

Question 13

In Belize officers of BTS formerly ITD can be said to be engaged in what type of audits _________________

Answer 13

COMPLIANCE

Question 14

In Belize auditors from this office are the auditors of Government departments and ministries _____________________

Answer 14

SAIB

Question 15

This International Standard on Auditing states the circumstances when a modification to the auditor’s opinion is required _____

Answer 15

ISA 705

Question 16

A fund of cash maintained within the company for small cash acquisitions, expenses, or to cash employees’ checks.

Answer 16

IMPREST PETTY CASH FUND

Question 17

A form approved by the AICPA and American Bankers’ Association through which the bank responds to the auditor about bank balance and loan information

Answer 17

STANDARD BANK CONFIRMATION FORM

Question 18

Excess cash invested in short-term, highly liquid investments such as time deposits, certificates of deposit, and money market funds

Answer 18

CASH EQUIVALENTS,

Question 19

A defalcation in which a cash shortage is concealed by delaying the crediting of cash receipts to the proper accounts receivable

Answer 19

LAPPING

Question 20

The transfer of money from one bank account to another and improperly recording the transfer so that the amount is recorded as an asset in both accounts

Answer 20

KITING,

Question 21

The document usually prepared by client personnel of the differences between the cash balance recorded in the general ledger and the amount in the bank account

Answer 21

BANK RECONCILIATION

Question 22

There is a special one for cash and bank with assertions and audit objectives and relevant audit procedures

Answer 22

AUDIT PROGRAM

Question 23

In a decentralized company there would be many in various locations to expedit Business

Answer 23

BRANCH CASH ACCOUNT

Question 24

Addition of a column of numbers to determine if the total is the same as the client

Answer 24

FOOT

Question 25

Provides the much referenced framework for internal controls

Answer 25

COSO