- •Isbn 978-966-337-345-4
- •Contents
- •Передмова
- •Unit 1 the history and future of accounting
- •Text 1 from the early history of accounting
- •Text 2 from the history of the double-entry system
- •Text 3 the faculty of accounting and finance at birmingham university
- •Text 4 the faculty of accounting at the moscow university of consumer cooperatives
- •Text 5 some leading accounting organizations of great britain
- •Text 6 accounting in the future (Part a)
- •Accounting in the future (Part b)
- •Text 7 the double entry system – the basic method of accounting
- •Unit 2 making a career in accounting
- •Text 1 accounting profession
- •Text 2 making a career in accounting
- •Text 3 the work of the accountant
- •Text 4 professional ethics of accountants
- •Text 5 what should a modern accountant be like?
- •Text 6 what kinds of people make good accountants?
- •Text 7 accounting conventions and principles
- •Unit 3 accounting tasks and functions
- •Text 1 accounting
- •Text 2 accounting system
- •Text 3 fields of accounting
- •Text 4 functions of accounting
- •Text 5 areas of accounting
- •Text 6 budgeting
- •Text 7 what accounting tasks can be done with a help of a computer?
- •Unit 4 financial statements
- •Text 1 the main users of accounting information
- •Text 2 desirable qualities of financial information
- •Text 3 the role of accounts
- •Text 4 the types and the titles of accounts
- •Text 5 relationships between financial statements
- •Text 6 financial statements
- •Text 7 accounting communication through financial statements
- •Text 8 assets
- •If necessary read the text again and make up a sentence using the words and word combinations from the box:
- •If necessary read the text again and fill in the gaps with the proper words from the box:
- •If necessary read the excerpt again and choose the best ending:
- •Whether particular assets are to be shown as fixed assets or current assets shall depend upon …
- •Fixed assets shall comprise those assets which are intended for …
- •Text 9 financial statements analysis
- •Text 10 the balance sheet
- •Unit 4 auditing and auditors
- •Text 1 the distinction between auditing and accountancy
- •Text 2 setting accounting and auditing standards internationally
- •Text 3 what is auditing
- •Text 4 auditing and auditors
- •Text 5 audit process
- •Announcement Letter
- •Initial Meeting
- •Preliminary Survey
- •Internal Control Review
- •Client Response
- •Text 7 big four auditors
- •An audititor’s functions
- •Reference list
- •08200, Вул. К. Маркса, 31, м. Ірпінь, Київська обл., Україна
Client Response
The client has the opportunity to respond to the audit findings prior to issuance of the final report which can be included or attached to our final report. However, if the client decides to respond after we issue the report, the first page of the final report is a letter requesting the client's written response to the report recommendations. In the response, the client should explain how report findings will be resolved and include an implementation timetable. In some cases, managers may choose to respond with a decision not to implement an audit recommendation and to accept the risks associated with an audit finding. The client should copy the response to all recipients of the final report if s/he decides not to have their response included/attached to Internal Audit's final report.
Client Comments
Finally, as part of Internal Audit's self-evaluation program, we ask clients to comment on Internal Audit's performance. This feedback has proven to be very beneficial to us, and we have made changes in our procedures as a result of clients' suggestions.
Audit Follow-Up
Within approximately one year of the final report, Internal Audit will perform a follow-up review to verify the resolution of the report findings.
Follow-up Review
The client response letter is reviewed and the actions taken to resolve the audit report findings may be tested to ensure that the desired results were achieved. All unresolved findings will be discussed in the follow-up report.
Follow-up Report
The review will conclude with a follow-up report which lists the actions taken by the client to resolve the original report findings. Unresolved findings will also appear in the follow-up report and will include a brief description of the finding, the original audit recommendation, the client response, the current condition, and the continued exposure to Indiana University. A discussion draft of each report with unresolved findings is circulated to the client before the report is issued. The follow-up review results will be circulated to the original report recipients and other University officials as deemed appropriate.
Exercise 6.2
Write down 10 clue words and word combinations from the text:
Exercise 6.3
Continue the following sentences:
The client has the opportunity to respond to …
However, if the client decides to respond after we issue the report…
In the response, the client should explain how…
In some cases, managers may choose to respond …
The client should copy the response to all recipients …
Exercise 6.4
Write a short Audit plan. Do you still want to be an Auditor?
Exercise 6.5
Read and translate the joke:
Did you pay taxes?
A nervous taxpayer was unhappily conversing with the IRS Tax auditor who had come to review his records.
At one point the auditor exclaimed, «Mr. Carelton, we feel it is a great privilege to be allowed to live and work in the USA. As a citizen you have an obligation to pay taxes, and we expect you to eagerly pay them with a smile.»
«Thank goodness,» returned Mr. Carelton, with a giant grin on his face, «I thought you were going to want me to pay with cash.»