- •Курс английского языка для финансистов
- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
Sweden.
The Swedish National Audit Office (SNAO) is ... independent institution for central government auditing and accounting in ... Sweden. The main task of ... organisation is to audit the effective fulfilment of central government goals and commitments. In line with this, the organisation analyses revenues and expenditures of ... central government, audits central government activities, examines accounts and performance of all government agencies and ... public organisations. The SNAO selects independently ... agencies and activities to be audited, ... auditing methods to be used, ... content of the audit reports, as well as the audit statements. All audits are carried out in accordance with generally accepted auditing standards. The audits principally have ... control functions, but substantial efforts are also made to ensure that the results of the audit can be used as ... basis for improving efficiency and effectiveness. The SNAO also has ... task of imroving financial management at all levels of ... central government, of fostering high standards of financial management leading to the efficient use of central government funds, efficient cash flows and security of the payment system.
The government and ... Parliament use the information of the SNAO as a basis for their decisions on ... development and transformation of the Swedish public administration. Besides, ... government often turns to the SNAO for ... comments on measures proposed by different public commissions.
In addition, ... SNAO establishes ... norms, develops auditing methods, and offers training and advice on issues related to auditing and financial management.
The staff are recruited on ... basis of educational qualifications and ... professional ability. Almost 95 per cent of the professional staff hold high professional qualifications.
Central government appropriations finance some fifty per cent of ... organisation's activity and the remaining activities are fee-financed. The SNAO is ... active member of INTOSAI (the International Organisation for Supreme Audit Institutions) and its European equivalent EUROSAI (the European Organisation for Supreme Audit Institutions).
Words you may need:
Swedish National Audit Office Государственная ревизионная служба Швеции
foster v поощрять, благоприятствовать
cash flow поток наличных средств
public administration управление на государственном и местном уровнях
appropriation n ассигнование
fee-financed на хозрасчете
INTOSAI Международная организация высших контрольных органов
EUROSAI Европейская организация высших контрольных органов
Ex. 9. a) Supply the prepositions where necessary.
b) Say what the auditors checked during the audit in accordance with the instructions given to them.
Auditors' Report
We have examined the books, accounts and vouchers relating the six. months ended 30th September ... (year) which were presented ... us. We have made extensive enquiries ... the system of internal check ... force and are satisfied that it is working efficiently. Particular attention was paid to the methods in force for the authorization of accounts for payment and the handling ... cash. The cash balances ... the 30th September ... (year) were counted and found to be in accordance ... the cashier's books. All bank payments have been verified with the bank statements and certificates of the balances on the accounts obtained ... the bankers.
We have checked all cash and bank payments ... the receipts and have to report that a number of small payments are unsupported ... vouchers. It has been possible, however, to obtain other evidence to show that these disbursements were properly made. The cash books have been cast and all postings... the various ledgers checked ... detail.
All invoices ... respect of goods purchased and expenses incurred have been examined with the appropriate analysis of books, the totals of which have been checked. Several minor errors were detected which have now been rectified. The postings to the Creditors' Ledgers have been test-checked, being far too numerous to do in detail. The balances ... the individual Creditors' accounts have been compared with special audit statements obtained from them and found to be ... order. Our instructions did not require us to examine the Sales Ledgers and Day Books: we therefore report that in such work as we have performed we found no evidence of, or opportunity ... defalcation or fraud.
Words you may need:
voucher n оправдательный денежный документ
authorization of accounts for payment разрешение на осуществление платежей со счетов
handling of cash использование наличности
cash balance остаток кассовой наличности
cashier's book журнал кассовых операций
bank statement выписка из счета
receipt n квитанция
to obtain evidence получить доказательство
disbursements n pl выплаты
cash book кассовая книга, журнал кассовых операций
cast v подсчитывать, исчислять, подводить итоги
posting v проводка
ledger n бухгалтерская книга, бухгалтерский регистр
expenses incurred понесенные расходы
detect v обнаруживать
rectify v исправлять
Creditors' Ledger книга кредиторов
test-check v проверять с помощью тестов
audit statement аудиторский отчет
Sales Ledger книга учета продаж
Day Book книга операций рабочего дня
defalcation n присвоение чужих денег
fraud n мошенничество, обман
Ex. 10. a) Open the brackets putting the verbs in the correct form,
b) Discuss the content of the article.
Misuse of Public Funds
It is a universally accepted truth in Russia that the heads of many public funds habitually (to divert) trillions of rubles away from the stated purpose into lucrative deals for personal gain.
Over the first 10 months of this year, the Accounts Chamber, a watchdog of the State Duma, (to reveal) that nearly 1.8 trillion rubles, were not used for their designated purposes.
The auditors (to find) that nearly every fund was not using its money as it was supposed to. For instance, the Moscow branch of Russia's Pension Fund (to buy) a building for about 2 billion rubles, (to spend) 11.5 billion rubles on its renovation and repair, and (to pay) another 6 billion rubles to an intermediary for "selecting the building, preparing the necessary documents, and obtaining the consent of the parties concerned." The Pension Fund (to misuse) more than 660 billion rubles despite the fact that people in some regions were left without pension payments for up to three months.
Many public funds (to set) up their own banks with charter capital running into hundreds of billions of rubles.
In spite of the obvious violations of regulations, all these operations cannot be put down as embezzlement without court rulings, and the violators are unlikely to be sued.
Misappropriations from extrabudgetary funds (to encourage) not only by people with a particular mentality and by a lack of adequate actions on the part of law-enforcement agencies, but also by the very system through which financial resources (to flow) from top to bottom. State extrabudgetary funds (to act) as an intermediary that collects payments and remits them to the recipients. Thus, they (to tempt) to "invest" the money in lucrative fast-yielding deals.
There would probably have been fewer cases of embezzlement and misuse of assets if public funds had initially been granted legal rights to earn money by, for example, transacting in securities and foreign-exchange valuables, and making short-term deposits in banks. So far the funds only (to have) a list of operations barred to them.
Words you may need:
misuse n злоупотребление
universally accepted общепринятый
habitually adv обычно
divert v отвлекать, отводить
lucrative adj прибыльный, выгодный, доходный
personal gain личная выгода
Accounts Chamber Счетная палата
designated purposes указанные (запланированные) цели
consent n согласие
violation n нарушение
embezzlement n растрата
court ruling постановление суда
sue v искать в суде, преследовать в судебном порядке
misappropriation n незаконное присвоение, растрата
remit v переводить (средства)
recipient n получатель
fast-yielding deals сделки, быстро приносящие прибыль
valuables n ценности
bar v запрещать
Ex. 11. Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary in class.
-
free proper standards audit (2)
opinion (2) preparing performed management
statements responsibilities accordance view