Exercises in word study:

Ex.1. Find the following words and phrases in the text, translate sentences containing them into your mother tongue. Make up your own sentences:

to present company's operations fairly; irregularities in the records; to be satisfied that accounting standard has been met; to enjoy a strong reputation for competence and independence; internal audit; independent audit; a system of internal control; to protect the firm's assets; to ensure to accuracy and reliability of the accounting records; control procedures; to be vulnerable to human error; misunderstanding; sound internal control procedures; to be safeguarded; deviations from; canceled checks; payroll records; cash receipts records; to keep fraud from going undetected; fairness; scope and opinion paragraphs.

Ex.2. Generate all possible forms of a base word.

e.g.: to audit - auditing - audit - auditor - audited - audition

to examine; to evaluate; to determine; to review; to favour; to identify; to correct; to compare,

to employ; to maintain; to define;

Ex.3. Match the words on the left with their best synonyms on the right:

1. systematic examination a. responsibility or informing the

authorities of malpractice

2. to present accounting fairly b. that may be wounded (feelings);

open to injury or criticism

3.whistle-blower c. to be prepared in accordance with

generally accepted accounting principles;

4. to be audited d. to record, to post transactions;

5. to be vulnerable e. to maintain, to organize, to establish

6. watchdog f. to check, to evaluate, to make an opinion

7. to set up procedures g. audit, control and check up

8. assets on hand h. divergence from standard

9. to make an entry i. capable of being used; available;

l0.deviations j. responsibility for overseeing a company’s

financier

Ex.4. Indicate whether the following statements are true (T) or false (F).

1. An auditor should consider throwing the duty of confidentiality to the client aside and think of the wider public interest.

2. The auditor's first step should be to alert the client's management to the existence of fraud.

3. Auditors should always go direct to the regulatory authorities in cases of fraud.

4. There are no cases where an auditor is legally obliged to disclose information to the authorities.

5. An independent auditor is only brought in when a company is having­ financial difficulties or when irregularities are suspected.

6. Internal auditors try to make sure that the operating sections of a company follow the policies established by management.

7. An independent auditor is not concerned with judging the effective­ ness of a company's internal control system.

8. If a company's financial records are not in satisfactory condition, the independent auditor must state in what way they are incorrect or incomplete.

l0.When an auditor's opinion is unqualified he believes that a company's financial records meet the standard for fairness.

Banking infrastructure in ukraine

Read and memorize the following words and word combinations:

successor послідовник

successor state uncharted небувалий

three-fold триступеневий

transition перехід

market economy ринкова економіка

goal мета

financial system фінансова система

to pass a law прийняти закон

banking activity банківська діяльність

two-tier двоступеневий

commercial bank комерційний банк

state bank державний банк

privatization приватизація

cooperative movement кооперативний рух

impetus стимул

cooperative bank кооперативний банк

company capital капітал компанії

feasibility можливість, реальність

day-to-day activity оперативна діяльність

get under the way розпочати

joint-stock company акціонерна компанія

state-owned-bank державний банк

state venture державне підприємство

private individual фізична особа

to compete for a client боротися за клієнта

financially secure фінансово забезпечений

wide range широкий асортимент

payroll transfer operations операції банківського переказу ї заробітної плати

allocation of credit розміщення кредиту

investment activity інвестиційна діяльність

trust operations трастові (довірчі) операції

factoring operations факторингові операції

deposit operations операції з депозитами

export and import operations експорт-імпортні операції

implementation впровадження

backing підтримка

to be granted (by) гарантовано (кимсь)