- •Accounting principles and concepts
- •Vocabulary list
- •1. Read and translate the text.
- •2. Answer the questions on the text:
- •3. Find English equivalents for the following Russian phrases from the text:
- •4. Say in a few words what the text is about. Use the following opening phrases:
- •Accountancy in a free-market economy
- •Vocabulary list
- •1. Read and translate the text.
- •2. Answer the questions on the text:
- •3. Find English equivalents for the following Russian phrases from the text:
- •4. Say in a few words what the text is about. Use the opening phrases given above.
- •Public and private accountants
- •Vocabulary List
- •Read and translate the text.
- •2. Answer the questions on the text:
- •3. Find English equivalents for the following Russian phrases from the text:
- •4. Say in a few words what the text is about Use the opening phrases given above.
- •Exercises
- •1. Work on vocabulary and grammar
- •Discussion
- •2. Read the dialogue, sum the its content using the phrases given below and act it out:
- •Accounting methods
- •3. Give extensive answers to these discussion questions:
- •4. Write a short paragraph, explaining:
- •5. Prepare a short talk on the following:
- •6. A company needs the chief accountant, who will:
- •7. Read the text that follows to find the answers to the following questions:
- •Financial statements and their elements
- •8. Read the text quickly and explain what "green accounting" is:
- •Auditing performing an audit
- •Vocabulary list
- •1. Read and translate the text.
- •2. Answer the questions on the text:
- •3. Find English equivalents for the following Russian phrases from the text:
- •4. Say in a few words what the text is about. Use the opening phrases.
- •Auditing in russia
- •Vocabulary list
- •Read and translate the text.
- •2. Answer the questions on the text:
- •3. Find English equivalents for the following Russian phrases from the text:
- •4. Say in a few words what the text is about. Use the opening phrases.
- •Exercises
- •1. Work on vocabulary and grammar
- •Auditors’ Report
- •Misuse of Public Funds
- •5. Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary in class.
- •Independent Auditors' Report to the Board of Directors and Stockholders of ___ Company
- •6. Read the dialogue, translate the Russian remarks into English and act the dialogue out:
- •Discussion
- •Independent Auditor's Report
- •2. Read the dialogue, sum up its content and act it out:
- •3. Give extensive answers to these discussion questions:
- •4. Write several paragraphs on the following:
- •5. Prepare a short talk on the following:
- •6. Talk to professional auditors to find out what they think about their professional
- •Reading practice
- •Continuing professional education
- •Abbreviations
- •Literature
- •Contents
- •060500 «Бухгалтерский учет, анализ и аудит »
- •683003, Г. Петропавловск-Камчатский, ул. Ключевская, 35
Discussion
Ex. 1.
a) Read the texts and do the tasks that follow.
b) Describe the two main functions of auditing. Discuss how public accountants (auditors) and government auditors perform these functions. Explain the importance of internal auditing.
Audit is an examination of the records and reports of an enterprise by accounting specialists other than those responsible for their preparation. Public auditing by independent accountants has acquired professional status and become increasingly common with the rise of large business units and the separation of ownership from control. The public accountant performs tests to determine whether the management's statements were prepared in accordance with acceptable accounting principles and fairly present the firm's financial position and operating results. Such independent evaluations of management reports are of interest to actual and prospective shareholders, bankers, suppliers, lessors, and government agencies. Generally speaking, auditing has two functions: to reveal undesirable practices and, as far as possible, to prevent their recurring in the future. A relatively new type of auditing is internal auditing. It is designed to evaluate the effectiveness of a business's accounting system. Perhaps the most familiar type of auditing is the administrative audit, or pre-audit, in which individual vouchers, invoices or other documents are investigated for accuracy and proper authorization before they are paid or entered in the books.
In English-speaking countries, public auditors are usually certified, and high standards of professional qualification are encouraged.
Most countries have specific agencies or departments charged with auditing of their public accounts.
Taxpayers in all countries are interested in the sound management of the collected revenue, they also want to know whether or not the executive branch of government is complying with the law, especially in the area of public finance.
Government auditors are working for sound, economical and efficient financial management, addressing the key problems in the field of public sector auditing, like strengthening the institutions that oversee financial management, changes in the scope and methodology of government auditing, ability to conduct performance audits in public enterprises, strengthening internal auditing in spending units, ex-post external audits of government activities, budget efficiency problems, performance of expenditure programmer.
The advantages accruing from an audit are obvious, taking into account the complexity of present-day commerce and business.
c) Read the document below and discuss the results of the audit:
Independent Auditor's Report
Dear Sirs,
We have audited the accompanying general purpose financial statements of Cobb County, Georgia, and the combining, individual fund and account group financial statements of Cobb County, Georgia as of and for the year ended September 30 ....
These financial statements are the responsibility of Cobb County, Georgia's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the Jampunts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of Cobb County, Georgia at September 30 ... , and the results of its operations and the cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of Cobb County, Georgia, at September 30, ... ,and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund and account group financial statements. The accompanying financial information is presented for purposes of additional analysis and is not a required part of the financial statements of Cobb County, Georgia. The information has been subjected to the auditing procedures applied in the audit off-he general purpose, combining, individual fund and account group financial statements and, in our opinion is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account groups, taken as a whole
Atlanta, Georgia,
January 12, ...