Vocabulary

Statutory requirement установленное законом требование

In force действующий

“True and fair” view of the business’s точное отражение финансового

financial position положения компании

To find faults находить недочеты

Profit and loss account счет прибылей и убытков

Chartered public accountant дипломированный частнопрактикующий бухгалтер

Consultancy предоставление консультационных услуг

To render a wide range of services предоставлять широкий перечень услуг

Tax return налоговая декларация

Maintenance of accounting ведение системы бухгалтерского учета

Enterprise management управление предприятием

Foreign trade transactions внешнеторговая сделка

Foreign currency operations операция с иностранной валютой

Institutional infrastructure институциональная инфраструктура

Audit chamber аудиторская палата

Professional competence профессиональная компетентность

To be entitled иметь право

Statutory audit аудит, предписанный законом

Professional qualifications профессиональныеквалификационные требования

Practicing certificate свидетельство, дающее право заниматься аудиторской деятельностью

Consolidated accounts сводная отчетность

Cost and management accounting производственный и управленческий учет

Insolvency неплатежеспособность

Civil and commercial law гражданское и коммерческое право

Employment law закон о занятости

Exercise 12. Answer the following questions:

1. What forms of business organizations are audited in Russia?

2. Why is the auditing profession developing fast in Russia now?

3. What responsibilities do the UK auditors take?

4. Why is it that Russian auditors offer a wide range of services?

5. What conditions can ensure existence of an independent, effective and efficient auditing profession?

6. What professional qualifications exist fro auditors in the UK?

7. What examinations do the UK auditors take?

8. What subjects do the examinations cover?

9. What accountants and auditors are respected the world over?

Exercise 13. Find the Russian equivalents for the following:

1. the establishment of a new market mechanism

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2. to submit the annual financial statements

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3. “a true and fair” view of the business’s financial position and performance

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4. an independent accountant

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5. chartered public accountants

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6. to be active in consultancy

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7. a wide range of consultancy services

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8. organization of internal control

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9. to improve an enterprise management

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10. foreign trade transactions

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11. foreign currency operations

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12. a strong institutional infrastructure

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13. the strength and prestige of a professional body

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14. to depend on the professional competence

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15. intensive professional training

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Exercise 14. Find the synonyms for the words in italics:

1. audit is a statutory requirement applying to limited companies

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2. The profession is developing very fast

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3. In the UK the auditor is responsible for ensuring that the accounts show a “true and fair” view of the business’s financial position and performance.

__________________________________________________________________________________________________________________________________________________________ .

4. auditing in our country is a process in which an independent accountant examines a firm’s records, analyses financial statements…

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5. If the auditor doesn’t find faults he confirms the Balance Sheet and the Profit and Loss Account.

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6. Besides, our auditors are very active in consultancy.

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7. The majority of our auditors fully share this point of view.

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8. Who is entitled to carry out statutory audits of accounting documents in Russia?

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9. Every chartered accountant undergoes several years of intensive professional training.

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10. They include auditing, analysis and critical assessment of annual accounts…

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Exercise 15. Translate the sentences into English:

1. В большинстве развитых стран проведение аудиторской проверки является требованием, установленным законом.

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2. Переход к рыночной экономике привел к основанию нового рыночного механизма и созданию новых организаций.

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3. В соответствии с существующим законодательством, совместные предприятия должны представлять ежегодные финансовые отчетности, проверенные аудиторской фирмой местным властям.

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4. Аудит в нашей стране быстро развивается.

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5. Если аудитор не обнаруживает недочетов, он подтверждает балансовый отчет, а также счет прибылей и убытков.

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6. Исходя из специфики Российского бизнеса, аудиторы в нашей стране предлагают широкий выбор консультационных услуг.

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7. Аудиторы также советуют, как правильно организовать бизнес, как улучшить менеджмент компании, объясняют своим клиентам правила осуществления внешнеторговых сделок и операций с твердой валютой.

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8. Аудиторские палаты были организованы по всей стране.

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9. Каждый дипломированный бухгалтер проходит интенсивную профессиональную подготовку в течение нескольких лет.

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10. Даже после этого требуется дополнительный опыт и обучение, чтобы получить свидетельство практикующего аудитора.

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Exercise 16. Read the article below quickly to pick out the main economic indicators. Supply the articles where necessary. Then study the vocabulary given after it. Say what you have learned from the text about government auditing in Sweden.

The Swedish National Audit Office (SNAO) is … independent institution for central government auditing and accounting in … Sweden. The main task of … organization is to audit the effective fulfillment of central government goals and commitments. In line with this, the organization analyses revenues and expenditures of … central government, audits central government activities, examines accounts and performance of all government agencies and … public organizations. 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 can be used as … basis for improving 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 … organization’s activity and the remaining activities are fee-financed. The SNAO is … active member of INTOSAI (the International Organization for Supreme Audit Institutions) and its European equivalent EUROSAI (the European Organization for Supreme Audit Institutions).