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III. Retell the text according to the following questions:

1. What subject is audit closely connected with? 2. What is auditing? 3. What is the main purpose of auditing? 4. How many types of audit are there? 5. What is the difference between internal and external auditors? 6.What is the difference between the terms "a fair presentation" and "a true and fair view"? 7. Who appoints auditors? 8. Who approves the candidates? 9. Who writes "a management letter" to directors? 10. Do you see any difference between an audit report and a management letter ? If you do, explain it.

  1. Arrange the words into pairs of:

  1. synonyms:

Require, a number of, demand, independent auditor, many, purpose, adhere to, support, external auditor, aim, opinion, point of view, stick to, assembly, true, meeting, fair, back.

  1. antonyms:

Unqualified, non-members, sometimes, independent audit, qualified, state, oppose, always, members, truth, lie, dishonesty, fairness, internal audit.

  1. Translate from Ukrainian into English:

1. Аудитором може бути громадянин України, який має вищу економічну освіту та безперервний (uninterrupted) стаж роботи. Це робоча аудитора, бухгалтера, ревізора, фінансиста, юриста. 2.Директором аудиторської фірми має бути тільки сертифікований аудитор. 3. В аудиторській фірмі не менше 70% статутного капіталу має належати сертифікованому аудитору. 4. Аудиторська фірма має право надавати аудиторські послуги за умови, якщо в її штаті (staff, personnel) працює хоча б один сертифікований аудитор. 5. Сертифікацію аудиторів здійснює АПУ (Аудиторська Палата України). 6. Норми та стандарти аудиту є обов'язковими для дотримання підприємствами, установами та організаціями. 7. Аудиторська Палата України затверджує норми та стандарти аудиту.

VI. Translate from English into Ukrainian. Replace the Infinitives in brackets by the Past Indefinite or the Past Perfect:

1. He already (to prepare) a report "Requirements for Additional Audit Information". He made it on Monday. 2. This information (to involve) the past business experience of the firm. 3. The man just (to explain) the purpose of investment. Didn't you understand his point of view? 4. By the 5th of July they (to possess) the building and capital. 5. Auditors informed that they not (to find) any fraud in the case. 6. The judge at that trial said that they (to exercise) control over the matter in the past.

VII. Match the questions with the answers:

  1. What companies are required to publish accounting (financial) statement.

  2. What is the difference between auditing and inspection?

  3. How much is the auditor's job connected with the field of law, jurispundence?

  4. Does the auditor take part in investigation? I mean does he or she participate in trials?

  5. What is the main function of the auditor?

  6. What I know is that the auditor's report is a brief statement. It is addressed to the members of a company. There are two types of report. What are they?

  1. Auditing is an independent financial control. It is carried out on contract basis between an owner and an auditor. Inspection is a state control. The aim is to find out breach, violation (порушення).

  2. These are such companies as commercial banks, insurance companies, trusts, joint-stock companies and other financial institutions.

  3. Well, first of all, the auditor must know the business law, the economic legal mechanism, tax code

  4. The main duty of the auditor is to report on the truth and fairness of the financial statement.

  5. The auditor never investigates for a trial. He or she never performs functions of lawyers, judges or prosecutors. Everyone in this life should know his business, you know.

  6. Yes, that's right. There is "a qualified report" and "an unqualified report". Next time I'll explain the difference.

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