26. When a company pays for services received using a credit card, it should credit Accounts Payable. True False 27. Differences in the company's cash balance and the bank's cash balance occur because of either timing differences or errors True False 28. The petty cash fund should have just enough cash to make minor expenditures over a as a week or a month). True False reasonable period (such are ten terms followed by a list of phrases that describe or characterize five of the terms. Match each with the best term by placing the letter designating the term in the space provided. Terms: a Monitoring b. Oversight board c. Control activities e. Nonaudit services f Control environment g Internal control h. Information and communication . Auditor rotation j Risk assessment 29, 30. 31 Procedures for maintaining separation of duties. PCAOB establishes standards related to the preparation of audited Formal pol financial reports. licies to evaluate internal and external threats to achieving company objectives. 32 Audit firm cannot provide a variety of other services to its client, uch as consulting 33.Management must document the effectiveness of procedures that could affect financial reporting