Terminology/phrases Flashcards
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 _____________
BEAUTY PAGEANTS
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
LOTTERIES
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 _______________
INDEPENDENT
In conducting local audits, the auditor is concerned that the financial statements are prepared in accordance with _____________
IFRS
In conducting local audits, the auditors must be sure that the audit is being conducted in accordance with ________________
ISA
In conducting local audits, the auditor must comply with ethical requirements as per _____________
IESBA
Local auditors clearly state the degree of correspondence between the financial statements and established criteria in the ____________ paragraph of their audit report
SECOND
In addition to audits of financial statements the other main types of audits include compliance audits and ____________________ audits
OPERATIONAL
In the video about the Bangladesh Central Bank heist, the robbers were able to circumvent the ____________________ of the Bank
INTERNAL CONTROL
To practice public accounting in Belize, a CPA needs to have practicing certificate from ___________________
ICAB
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
INTERNAL CONTROL,
In the USA the body set up by SOX in charge of auditing standards for public companies is ________________
PCAOB
In Belize officers of BTS formerly ITD can be said to be engaged in what type of audits _________________
COMPLIANCE
In Belize auditors from this office are the auditors of Government departments and ministries _____________________
SAIB
This International Standard on Auditing states the circumstances when a modification to the auditor’s opinion is required _____
ISA 705
A fund of cash maintained within the company for small cash acquisitions, expenses, or to cash employees’ checks.
IMPREST PETTY CASH FUND
A form approved by the AICPA and American Bankers’ Association through which the bank responds to the auditor about bank balance and loan information
STANDARD BANK CONFIRMATION FORM
Excess cash invested in short-term, highly liquid investments such as time deposits, certificates of deposit, and money market funds
CASH EQUIVALENTS,
A defalcation in which a cash shortage is concealed by delaying the crediting of cash receipts to the proper accounts receivable
LAPPING
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
KITING,
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
BANK RECONCILIATION
There is a special one for cash and bank with assertions and audit objectives and relevant audit procedures
AUDIT PROGRAM
In a decentralized company there would be many in various locations to expedit Business
BRANCH CASH ACCOUNT
Addition of a column of numbers to determine if the total is the same as the client
FOOT
Provides the much referenced framework for internal controls
COSO
