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АНГЛИЙСКИЙ ЯЗЫК. ПРОФЕССИОНАЛЬНЫЙ ЯЗЫК ДЛЯ ЭКОНОМИСТОВСтр 1 из 20Следующая ⇒
Гуманитарная Академия Дистанционное образование ________________________________________________________ РУ.01;2 Рабочий учебник Фамилия, имя, отчество обучающегося___________________________________________________ Направление подготовки_______________________________________________________________ Номер контракта______________________________________________________________________
АНГЛИЙСКИЙ ЯЗЫК. ПРОФЕССИОНАЛЬНЫЙ ЯЗЫК ДЛЯ ЭКОНОМИСТОВ
ЮНИТА 5
НАЛОГООБЛОЖЕНИЕ. АУДИТ
МОСКВА 2009 Разработано Р.А. Готлибом, канд. социол. наук
Рекомендовано Учебно-методическим советом в качестве учебного пособия для студентов СГА
КУРС: АНГЛИЙСКИЙ ЯЗЫК. ПРОФЕССИОНАЛЬНЫЙ ЯЗЫК ДЛЯ ЭКОНОМИСТОВ
Юнита 1. Экономическая среда. Юнита 2. Государственные финансы. Управление государственным бюджетом. Юнита 3. Банковская система. Система Центрального банка. Кредитно-денежная политика. Юнита 4. Деловая документация. Основные типы организаций в бизнесе. Юнита 5. Налогообложение. Аудит. Юнита 6. Международная финансовая система. Юнита 7. Инвестиционная деятельность. Валютный рынок.
ЮНИТА 5
Содержит тексты, раскрывающие заданную тему. Тексты сопровождаются глоссарием, а также творческими заданиями для закрепления изучаемого материала.
Рабочий учебник составлен на основе дидактических единиц учебников, имеющих гриф Министерства образования и науки Российской Федерации или Учебно-методического объединения: - Дюканова, Н. М. Алглийский Язык для экономистов [Текст] : учебное пособие - Любимцева, С. Н. Английский язык для студентов финансово-экономических вузов. Начальный курс [Текст] : учебник / С. Н. Любимцева. – 2-е издание, исправленное – М. : Высшая школа, 2008 (гриф УМО, МО РФ). - Малюга, Е. Н. Английский язык для экономистов. Учебник для ВУЗов [Текст] : учебник
Для студентов Современной Гуманитарной Академии
_____________________________________________________________________________________ © СОВРЕМЕННАЯ ГУМАНИТАРНАЯ АКАДЕМИЯ, 2009 (настоящее учебное пособие не может быть полностью или частично воспроизведено, тиражировано
Соответствие системы менеджмента качества СГА в сфере создания информационных образовательных ресурсов требованиям международного стандарта ISO 9001:2000 (ГОСТ Р ИСО 9001-2001) подтверждено Сертификатом соответствия Стандарт-тест ОГЛАВЛЕНИЕ Стр. ДИДАКТИЧЕСКИЙ ПЛАН.. 4 ПЕРЕЧЕНЬ КОМПЕТЕНЦИЙ.. 6 ТЕМАТИЧЕСКИЙ ОБЗОР.. 7 LESSON 1. 7 LESSON 2. 25 LESSON 3. 42 LESSON 4. 61 LESSON 5. 76 ПРИЛОЖЕНИЯ.. 92 ГлоссариЙ.. 99
ДИДАКТИЧЕСКИЙ ПЛАН
Что такое налоги? Суть налогообложения. Функции налогов: фискальная, экономическая и социальная. Налоговая система США. Налоговая система Великобритании. Налогообложение в России. Виды налогов: обязательный, подоходный, налог на заработную плату, налог на жалование служащих, налог на прибыль и т.д. Акцизная пошлина. Налоговые реформы в развивающихся странах. Налоговое ведомство. Налоговые убежища. Налоговая льгота. Налог как основной источник дохода государственного бюджета. Аудит. Типы аудита. Финансовая отчетность. Документы учета. Наблюдательный совет, проверяемая компания, балансовый отчет. Общепринятые стандарты аудита. Государственная ревизионная служба в Швеции Международная организация высших контрольных органов. Европейская организация высших контрольных органов. Пример независимого аудиторского отчета. Злоупотребление государственными фондами. Задачи аудита. Две основные задачи аудита. Государственные аудиторы в англоговорящих странах. Контроль работы аудиторов. Необходимость профессионального образования для работы аудиторов. ЛИТЕРАТУРА Учебные издания* 1. Ashley, A. A Correspondence Workbook [Текст] / А. Аshley. – Oxford University : Press, 1998. 2. Tuck, A. Oxford Dictionary of Business English [Текст] / A. Tuck. – Oxford University : Press, 1994. 3. Агабекян, И. П. Английский для менеджера [Текст] / И. П. Агабекян, Т. А. Мамедова. – Ростов-на-Дону : «Феникс», 2001. 4. Богацкий, И. С. Бизнес-курс английского языка. Словарь-справочник [Текст] / 5. Васильева, Л. Деловая переписка на английском языке [Текст] / Л. Васильева. – М. : АЙРИС ПРЕСС РОЛЬФ, 2001. 6. Виркус, Д. Let’s start business [Текст] / Д. Виркус, Н. Тоотс. - М. : Изд-во TEA, 1994. 7. Волкова, З. Н. Банковское дело и финансы [Текст] / З. Н. Волкова. - М. : УРАО, 2000. 8. Деева, Т. М. Деловая переписка для международного сотрудничества [Текст] / Т. М. Деева, 9. Добсон, Э. Как писать деловые письма: Практическое руководство для всех [Текст] : 10. Дюканова, Н. М. Алглийский Язык для экономистов [Текст] : учебное пособие 11. Кисунько, Е. Бизнес-курс английского языка [Текст] / Е. Кисунько, Е.Музланова. - М. : ЮНВЕС, 2001. 12. Любимцева, С. Н. Английский язык для студентов финансово-экономических вузов. Начальный курс [Текст] : учебник / С. Н. Любимцева. – 2-е издание, исправленное – М. : Высшая школа, 2008 (гриф УМО, МО РФ). 13. Малюга, Е. Н. Английский язык для экономистов. Учебник для ВУЗов [Текст] : учебник 14. Самуэльян, Н. А. English for Banking [Текст] / Н. А.Самуэльян. - М. : “Менеджер”, 2000 15. Синецкий, Б. И. Внешне-торговые операции [Текст] / Б. И. Синецкий. –USA : Princeton, 1990. 16. Чужакин, А. Мир перевода-2. Practicum [Текст] / А.Чужакин. - М. : Валент, 1998. 17. Чужакин, А. Мир перевода-3. Practicum plus [Текст] / А.Чужакин. - М. : Валент, 1999.
__________________________ * Учебные издания, на основе которых составлен тематический обзор. ПЕРЕЧЕНЬ КОМПЕТЕНЦИЙ
Студент, изучивший дисциплину «Английский язык. Профессиональный язык для экономистов», должен обладать следующими компетенциями: · постоянно проводить самокоррекцию речи; · уметь вводить тему, изменять тему; · корректно выражать собственное мнение; · обобщать, делать выводы, суммировать сказанное; · инициировать внимание собеседника, оценивать показатели внимания собеседника к собственной речи; · поощрять собеседника к продолжению речи; · корректно прерывать собеседника, подталкивать его к смене темы.
ТЕМАТИЧЕСКИЙ ОБЗОР *
LESSON 1
What are taxes? Taxes are a compulsory financial contribution by a person or body of persons towards the expenditure of a public authority. In modern economies taxes are the most important source of government revenues. Taxes on income (i.e. wages, salaries, profits, dividends, rent and interest) and on capital are known as “direct” taxes. Taxes on commodities or services are known as “indirect” taxes. Taxes are considered to have three functions: a) fiscal or budgetary, to cover government expenditure, to provide the public authorities with the revenue required for meeting the cost of defense, social services, interest payments on the national debt, municipal services, etc.; b) economic, to give effect to economic policy, to promote stable economic growth, to influence the rate of economic growth of the nation; c) social, to increase the economic welfare of the community, to lessen inequalities in the distribution of income and wealth. Businesses and individuals are subject to many forms of taxes. The various forms of business organization are not taxed equally. The tax situation is simplest for proprietorships and most partnerships; corporations or companies are treated differently. In the United States of America nearly all of the federal government’s revenues come from taxes. By far the most important source of tax revenue is the personal income tax. Gross receipts from corporate income tax yield a far smaller percentage of total federal receipts. Individual states levy their own taxes. As a result, for example, the profits of a corporation are liable to federal and sometimes state corporate income taxes. This often imposes a double tax burden. When the after-tax income is paid out to stock-holders as dividends, it is then taxed again as personal income. In the United Kingdom there is no single code of tax law, the body of tax legislation being increased by each year’s Finance Act. The United Kingdom operates a “schedular” system, whereby taxable income from different sources is calculated and taxed under the rules of a particular “schedule”. Tax assessments are normally based on returns issued by the Board of Inland Revenue (referred to simply as “Inland Revenue”) for completion by the taxpayer. While companies may receive tax returns, they normally submit instead a copy of their annual accounts together with a computation of taxable profits. The United Kingdom does not yet operate a system of self-assessment for tax on income and capital gains, but it is being introduced at the moment. Under Russian law, all Russian legal entities, whether they have foreign investment or not, are subject to the profit tax law. Foreign entities that have a taxable permanent establishment in Russia are also taxed under this law. Russian taxes provide revenue for three tiers of the budget: federal, regional and local. The major taxes paid to the budget are: Profit tax; Value-added tax (VAT); Securities tax; Withholding tax. The Russian government tries to create a climate in which businesses can thrive, to keep the tax burden as low as possible. It also attempts to eliminate tax allowances, which deprive the budget of tax revenues, and to improve tax collection. Tax returns for Russian legal entities are audited by the tax authorities at the time they are submitted. If the company or a person assessed believes the assessment is incorrect in any way, an appeal may be lodged against it. The appropriate financial organ is required by law to reply to such an appeal within five days. When a company resident in one country receives income or gains from a source in another, or when shareholders and company are domiciled in different countries it is possible that incomes arising will be taxable in each country, i.e. taxed twice. Many countries seek to mitigate the potentially harmful effects of double taxation by entering with other countries into double tax treaties, or arrangements preventing the same income being taxed twice. A number of countries have problems because of significant taxpayer non-compliance. Along with cases of illegal evasion of tax obligations there are entirely legal ways of avoidance by which a person may so arrange his affairs as to minimize, or even eliminate, tax liability on his property and income.
VOCABULARY
The body of tax legislation being increased налоговое законодательство by each year’s Finance Act расширяется за счет новых налогов, вводимых ежегодно при принятии финансового акта The United Kingdom operates a “schedular” system… в Великобритании существует система «шедул»… (т.е частей, на которые поделены доходы в зависимости от их источника) Taxation налогообложение Compulsory обязательный, принудительный Tax on income подоходный налог Tax on wages налог на заработную плату Tax on salary налог на жалование служащих Tax on profits налог на прибыль Tax on dividends налог на дивиденды Tax on rent налог на рентные платежи Tax on interest налог на процентный доход Tax on capital налог на капитал Direct taxes прямые налоги Indirect taxes косвенные налоги Interest payments процентные платежи Municipal services муниципальные услуги To give effect (to) осуществлять, приводить в исполнение, проводить в жизнь Welfare of the community благосостояние общества Inequality of incomes неравенство доходов Forms of taxes виды налогов To treat обращаться, обходиться To levy облагать налогом Corporate income tax налог на корпоративный доход To impose облагать (пошлиной, налогом), налагать Double tax burden бремя двойного налогообложения After-tax income доход после удержания (за вычетом) налога Stock-holder акционер, держатель акций Personal income личный доход Code кодекс Tax law налоговое законодательство Body of tax legislation содержание налогового законодательства Finance Act финансовый акт To operate использовать, пользоваться Tax assessments установление налоговых ставок Tax return налоговая декларация To issue a return выдать налоговую декларацию Board of Inland Revenue (“Inland Revenue”) Налоговая служба Великобритании To complete a return заполнить налоговую декларацию To submit представлять Annual accounts годовой отчет; (зд.) финансовая отчетность Computation расчет, вычисление Taxable profit налогооблагаемая прибыль System of self-assessment система, при которой размер облагаемого налогом дохода определяется самим налогоплательщиком Capital gains доход от прироста капитала Foreign investment иностранные капиталовложения Taxable permanent establishment постоянно работающее предприятие, облагаемое налогом Tier уровень, ярус Value-added tax (VAT) налог на добавленную стоимость Securities tax налог на ценные бумаги Withholding tax налог с суммы дивидендов To audit подвергать(ся) аудиторской проверке Tax authorities налоговые органы To lodge an appeal подавать апелляционную жалобу Resident проживающий, постоянно находящийся в стране To domicile поселиться на постоянное место жительства To seek (sought) искать, стремиться To mitigate смягчать, уменьшать Double taxation двойное налогообложение Double tax treaty договор об избежании двойного налогообложения Arrangements меры, мероприятия To prevent препятствовать, мешать, предупреждать Evasion of tax obligations уклонение от налоговых обязательств Avoidance уклонение Tax liability обязательства по уплате налогов
VOCABULARY
Unfair несправедливый, нечестный Inadequate не отвечающий требованиям Concept понятие, общее представление To underlie лежать в основе (чего-л.) Emphasis акцент Taxation in russia Foreigner: I hear that many Russians complain that taxes are too high in Russia, personal income tax, for example. Russian: I can’t agree with you here. The existing 12% income tax on personal income under 20 thousand roubles a year is not too heavy. F.: There are many rich people in Russia now. How are higher incomes taxed? R.: Progressive income tax is applicable in such cases. The larger the income, the bigger proportion of it is paid as tax. The upper limit of the tax rate is 35% at the moment. F.: Oh, I must say that in many countries personal income taxes are also rather high. Can the same be said about taxes levied on businesses? R.: The tax rate depends, first of all, on the form of business, on what each particular business is involved in. Juridical persons involved in entrepreneurial activities pay 13% to the federal budget and up to 25 % to the regional budget. F.: Do businesses involved in intermediary activities, including stock exchange activities, banking and insurance pay similar taxes? R.: No, such businesses pay taxes on profit at a rate of 43%. F.: Well, your profit tax is also comparable to other countries’ taxes, isn’t it? R.: Yes, but the tax burden on businesses is too high, because along with the profit tax, enterprises pay VAT, excise tax, property tax and other local taxes. They also pay charges to the Pension Fund, Employment Fund, and Social Insurance and Medical Insurance Funds. F.: VAT and excise and indirect taxes which are levied on transactions and are included into the selling price. They are paid by consumers and not by producers. R.: Yes, you are absolutely right, but higher prices often cause sales problems. F.: As to the VAT, do you use a flat rate for all goods? R.: No, a reduced rate of 10% is applicable to foodstuffs and goods for children. F.: In this connection, are there many tax allowances in Russian now? R.: Quite a lot, but in the situation of growing tax evasion the government plans to do away with many tax breaks. F.: Besides, as far as I know, there is a good deal of anxiety because the existing privileges for small businesses are under a big question mark. R.: Right. The majority of tax allowances have already been eliminated. Now small businesses have two alternatives. They either pay an imputed tax on income or pay taxes in their established order under which they have some tax deferments. F.: These privileges deprive the state budget of some amount of revenue, don’t they? R.: Yes, but they are insignificant compared with the enormous sums that the industrial giants owe in taxes. F.: The government must provide a clear-cut and stable legislative base for small businesses, I think. R.: Not only for small businesses. All people suffer from hasty, ill-considered decisions which adversely affect millions of people. F.: Is there any discrimination against foreign companies in Russia? R.: No, Russian business legislation provides that a company should pay tax at the same rate whether it is foreign or Russian. F.: And what about foreign companies that earn income from renting equipment or making loans to Russian companies? R.: Lower rate are applicable in such cases. Taxes are a powerful instrument. They must be used to support not to stifle business. F.: Foreign experience can be of help here. R.: No doubt. The taxation Ministry of Russia is cooperating closely with its Western counterparts to borrow Western experience.
VOCABULARY
Progressive income tax прогрессивный подоходный налог Applicable применимый, пригодный, подходящий Comparable сравнимый Excise tax акциз, акцизный налог Charge сбор, отчисление Pension Fund Пенсионный фонд Employment Fund Фонд занятости Social Insurance Fund Фонд социального страхования Medical Insurance Fund Фонд медицинского страхования Selling price продажная цена Sales problem проблема сбыта Flat rate единообразная ставка Reduced rate льготная ставка Tax allowance налоговая льгота Tax break налоговая льгота Anxiety беспокойство, обеспокоенность Imputed tax вмененный налог Tax deferment отсрочка налога To deprive лишать Giant гигант To owe быть должным Clear-cut and stable legislative base четкая и стабильная законодательная база Hasty, ill-considered decisions скороспелые, плохо продуманные решения Adversely отрицательно, неблагоприятно To affect сказываться To earn income получать доход To rent equipment сдавать оборудование в аренду To stifle душить VOCABULARY
To edge closer подходить ближе To benefit извлекать пользу, выгоду Worthy достойный, заслуживающий Flawed полон недостатков, изъянов Policing of taxation политика налогообложения Gross большой On a large scale в больших масштабах Stringent строжайший Reluctant делающий с неохотой, неохотный, вынужденный To impose налагать, облагать (налогом) Withholding удерживающийся Neatly четко, аккуратно Confines пределы, рубеж, границы Capital flight утечка капитала Swift быстрый, скорый Undeniable неоспоримый, несомненный Unwelcome нежеланный, нежелательный, неприятный Wedge клин Agenda повестка дня To eliminate исключать, упразднять, ликвидировать Ominously угрожающе To hint намекать Subsidiarity помощь, субсидия To vie соперничать Flexibility гибкость, уступчивость To misguide вводить в заблуждение To tackle вырабатывать, решать, закреплять OECD (the Organization of Economic Организация экономического Cooperation and Development) сотрудничества и развития Unilateral односторонний Tax evaders уклоняющиеся от уплаты налогов To stifle душить, подавлять To promote помогать, содействовать, способствовать To drop оставлять, прекращать
LESSON 2
Tax Havens Explained What do the Bahamas, Bermuda, Hong Kong, Liberia, the Netherlands, the New Hebrides, Panama, and Switzerland have in common? They are all “tax havens”. Essentially, a tax haven is a place where foreigners may receive income or own assets without paying high rates of tax upon them. Although, strictly speaking, not all tax havens are countries, we can refer to them as such here for the sake of convenience. In some havens the tax relief that foreigners enjoy stems from the absence of the chief forms of direct taxation – income, estate, and gift taxes; but in most countries the relief stems from special features of the tax system that result in a very low effective tax rate on certain forms of foreign investment. Even though the list of tax havens includes several developed countries, most are developing countries. It is precisely their example that other developing countries are tempted to follow, in the hope that becoming a tax haven will help them solve some of their economic problems. Tax haven operations consist fundamentally in establishing within a tax haven country one or more legal entities, such as trusts, personal holding companies, or corporate subsidiaries, and attributing to them income earned elsewhere in order that it should be taxed at the country’s low rates or perhaps not taxed at all. This objective is usually accomplished by either (1) accumulating income in the tax haven country at low rates of tax to be withdrawn later and invested elsewhere according to the investor’s wishes; or (2) artificially shifting business profits from high-tax countries to a tax haven country. Low tax rates are perhaps the principal attraction offered by tax havens. Usually these low rates are associated with income taxation; in fact, what springs to mind immediately upon hearing the words “tax haven” is the absence of income taxation that exempts foreign investors. Though it is true that many of the advantages offered by tax haven countries are income tax advantages, these are by no means the only benefit that these countries offer to foreign investors. Within the tax field, the absence of other taxes such as estate, inheritance, and gift taxes may be as important to certain investors as the absence of an income tax. Bilateral tax treaties between a tax haven country and some of the major developed countries are another feature that may attract investors. The existence of a tax treaty allows third-country investors to base their holding companies in tax havens and obtain a reduction in withholding taxes applied to the dividends and interest they receive from developed countries with which the tax haven country has the tax treaty. Strict and well-enforced rules of banking secrecy and, in general, the possibility of doing business without close supervision by government agencies are additional attractions usually offered by tax haven countries. Other factors, such as the low cost of doing business, the existence of liberal banking liberations and the absence of exchange controls are also important. Finally, a good communications service, a well-developed legal system with an abundance of legal and accounting expertise, and, above all, a high degree of political and financial stability also help to make a country successful as a tax haven.
VOCABULARY
Tax haven налоговое убежище Strictly speaking строго говоря For the sake of convenience из соображений удобства Tax relief налоговая льгота To enjoy (зд.) пользоваться To stem from происходить, проистекать Estate tax налог на недвижимость Gift tax налог на дарение To be tempted испытывать соблазн Trust траст Holding company холдинговая компания Subsidiary дочерняя компания To attribute приписывать (кому-л.), относить (за счет/на счет чего-л.) To accomplish осуществлять To accumulate аккумулировать, накапливать To withdraw (зд.) забирать, отбирать Artificially искусственно To shift перемещать To be associated (with) быть связанным (с) What springs to mind первое, что приходит в голову Inheritance tax налог на наследство To exempt освобождать от уплаты налогов Bilateral двусторонний Well-enforced (зд.) действенный Abundance изобилие, избыток VOCABULARY
a) Discount скидка Perk преимущество To refund возмещать, возвращать Handling of the refund оформление возврата (налога) Cash-in-hand наличность To qualify for the refund получить право на получение возмещения To reclaim требовать обратно Voucher квитанция, ваучер
b) To reward вознаграждать Tax base налоговая база Loophole лазейка Stamp duty гербовый сбор To charge взимать Advance corporation tax авансовый корпоративный налог
VOCABULARY To file a tax return подавать налоговую декларацию IRS (Internal Revenue Service) Налоговая служба США To comply with regulations выполнять требования Appeal апелляция Seizure наложение ареста на имущество, изъятие имущества The math is accurate расчет произведен правильно Enforcement actions принудительные меры Defaulting taxpayer налогоплательщик, нарушивший закон Tax lien залоговое право на имущество в обеспечение уплаты налогов The lien was filed in error право на удержание имущества было применено ошибочно To recover damages взыскать убытки Integrity честность, профессиональная репутация Promptly без задержки, незамедлительно Courteously учтиво, обходительно, вежливо
Exercise 12. Answer the following questions:
1. What taxes provide the bulk of budget revenues in Russia? 2. How can tax assessment be done? 3. How do taxes in Russia compare with taxes in other countries? 4. Is there a need to soften the burden of taxation in Russia? 5. Are people beginning to understand that paying taxes is in their interest? 6. What is the difference between tax evasion and tax avoidance? 7. What is usually taxed? 8. What is an excise duty? 9. Why were excise duties introduced? 10. How can poor tax collection in Russia be explained? 11. What measures, in your opinion, can improve tax collection in Russia? 12. What rights do local bodies of authority have regarding taxes? 13. What is the government planning to do to eliminate defaults on payments and ensure that taxes are paid? 14. What enforcement measures can be taken against defaulting taxpayers?
Exercise 13. Find the Russian equivalents for the following:
1. tax collection __________________________________________________________________________ 2. sharp decline in tax revenue __________________________________________________________________________ 3. tax evasion __________________________________________________________________________ 4. inadequate tax law __________________________________________________________________________ 5. to evade taxes __________________________________________________________________________ 6. to put up with a situation __________________________________________________________________________ 7. to move the tax burden from enterprises to incomes and property __________________________________________________________________________ 8. the procedures of tax collection __________________________________________________________________________ 9. to face a similar situation __________________________________________________________________________ 10. to comply with the tax laws __________________________________________________________________________ 11. the right of taxpayers __________________________________________________________________________ 12. to select returns for examination _________________________________________________________________________ 13. to pay the bill in full __________________________________________________________________________ 14. to place a tax lien __________________________________________________________________________ 15. to voluntarily pay the tax due __________________________________________________________________________
VOCABULARY
To embark (on) приступать (к чему-л.) Comprehensive обширный, масштабный, всеобъемлющий Profound глубокий Disincentive отрицательное воздействие To negate сводить на нет Statutory основанный на законе To incorporate включать Tax yield налоговый доход Marginal крайний Allowance позволение, разрешение, допущение Initial изначальный Wholesale полный, в большом количестве Contradictory противоречащий
LESSON 3
Performing an audit
Auditing is a process in which an independent accountant-auditor examines a firm’s accounting records and financial statements and offers an opinion on their accuracy and reliability. There are different types of audits, for example, financial statements audits, income tax audits, “value for money” audits, environmental audits, administrative audits, financial management audits, etc. The accountancy profession has built up a significant amount of expertise in performing financial statements audits. Accounts audits were established as an instrument to protect third parties, the users of accounts, since the auditor’s opinion helps establish credibility of financial statements. Special bodies of users, such as supervisory boards, employee representatives, government agencies may sometimes need an indepth audit report, which is usually confidential. It should be stressed that auditors do not monitor, they offer an opinion, and the audit process and audit procedures are complicate and manifold. The auditor’s opinion is gradually being built up from a mass of detailed work to the final judgment through the planning and testing stages. The auditor normally starts with a study of the business environment the audited company is working in and performs a preliminary analytical review. Then he should direct his attention to the financial statements. Interestingly enough, however, the auditor’s attention is not directed towards the financial statements’ elements as such, but towards the correctness of various assumptions made by the management for their preparation. For instance, the auditor needs to know if figures are complete and accurate and reflect what they should reflect, if income and expenses are recorded in the proper periods and if the legal position is reflected adequately. The auditor should focus on any misstatement whether it is intentional or unintentional. The management is responsible for the reliability of financial information. If the management is not prepared to take the responsibility it may be hard to complete the audit. In such situations the auditor should seek his own evidence by means of independent audit procedures. Although the financial statements are the ultimate objectives of an audit, normally such audits cannot be completed without a proper study and evaluations of the accounting system and assessment of the internal accounting controls. Defining the audit strategy the auditor has to decide whether to rely on internal controls or to resort to substantive testing applying analytical review procedures, such as tests in totals, comparison with budgets or even statistical analysis of figures. In the planning stage as well as during the performance of audit procedures and, finally, in forming conclusions, “materiality” and “audit risk” are critical elements in the auditor’s judgment. “Materiality” refers to the magnitude or nature of a misstatement (including an omission) of financial information. “Audit risk” (including three different components-inherent risk, control risk, detection risk) is the risk that an auditor may give an inappropriate opinion on financial information that is materially misstated. The natural finalization of the audit process is the auditor’s report, reflecting the auditor’s opinion on the financial statements. Unfortunately, audits do not always end up in an approval of the financial statements. Any deviation from the unqualified opinion should be explained in the auditor’s report, including the uncertainty or the disagreement that caused the auditor to qualify his opinion. In order to protect the public interests and the profession’s integrity an individual must be sufficiently educated and adequately trained before being certified to act as an auditor. Below you will find a sample of an auditor’s opinion:
To the Shareholders of … Ltd.: We have audited the accompanying balance sheet of …Ltd. As of 31 December … and related statement of income for the year then ended. Our audit was conducted in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances to establish whether the balance sheet and related statement complied with Russian regulations and were in agreement with the underlying accounting records. In our opinion, the balance sheet and related statement of income of … Ltd. referred to above have been prepared in compliance with the relevant Russian regulations and are in agreement with the underlying accounting records. Moscow, 24March…
VOCABULARY
Auditing аудит Auditor аудитор To examine проверять, проводить ревизию Accounting records документы учета Financial statements финансовая отчетность To offer an opinion сделать заключение Accuracy точность Reliability достоверность, надежность Audit аудит, аудиторская проверка, ревизия To build up наращивать, накапливать Account(s) audit аудит счетов, ревизия счетов Auditor’s opinion заключение аудитора, аудиторское заключение Credibility вероятность, правдоподобие, достоверность Supervisory board наблюдательный совет Government agency ведомство, правительственная организация Indepth audit report детальный аудиторский отчет Audit process процесс проведения аудиторской проверки Audit procedures методика проведения ревизии/аудиторской проверки Manifold разнообразный, разносторонний Judgment суждение, оценка Planning stage стадия (этап) планирования (аудиторской проверки) Testing stage стадия (этап) проверки Audited company проверяемая компания Preliminary analytical review предварительный анализ финансово-хозяйственной деятельности Assumption допущение, предпосылка, предположение Complete figures полные данные Accurate figures точные данные …should focus on any misstatement следует обращать внимание на любое искажение ...whether it is intentional независимо от того, является ли оно or unintentional преднамеренным или непреднамеренным …that caused the auditor to qualify которые заставили аудитора внести hisopinion оговорки в свое заключение (выразить особое мнение) To record регистрировать, записывать, отражать Proper period надлежащий период Legal position юридическое положение, юридический статус Misstatement сообщение неверных (неправильных) сведений, искажение сведений (Un)intentional непреднамеренный To take the responsibility брать (на себя) ответственность To complete the audit завершить аудиторскую проверку To seek evidence искать доказательства Ultimate objective конечная цель Evaluation оценка Substantive test(ing) независимая проверка Tests in totals проверка итоговых чисел To form a conclusion сделать вывод Materiality «существенность» (искажения) Audit risk риск некачественного контроля Critical (зд.) решающий Magnitude величина, размер Omission пропуск Inherent risk (зд.) присущий (виду деятельности) риск Control risk риск контроля Detection risk риск (не)обнаружения Approval of the financial statement подтверждение финансовой отчетности Deviation отклонение Unqualified opinion безусловное мнение (оценка, заключение) To qualify the opinion дать аудиторское заключение с оговорками Integrity добросовестность, профессиональная честность To certify выдавать свидетельство To audit проводить аудиторскую проверку Accompanying прилагаемый Balance sheet балансовый отчет The related statement of income соответствующий отчет о прибылях и убытках To conduct an audit проводить аудиторскую проверку Generally accepted auditing standards общепринятые стандарты аудита Accordingly соответственно In the circumstances в данных обстоятельствах To comply with regulations соответствовать требованиям, правилам и т.д. In agreement with в соответствии с Underlying лежащий в основе In compliance with в соответствии с Relevant уместный, относящийся к делу
Auditor’s 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.
b) 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 pensions 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.
VOCABULARY
a) Voucher оправдательный денежный документ Authorization of accounts разрешение на осуществление платежей for payments со счетов Handling of cash использование наличности Cash balance остаток кассовой наличности Cashier’s book журнал кассовых операций Bank statement выписка из счета Receipt квитанция To obtain evidence получить доказательство Disbursements выплаты Cash book кассовая книга, журнал кассовых операций To cast подсчитывать, исчислять, подводить итоги Posting проводка Ledger бухгалтерская книга, бухгалтерский регистр Expenses incurred понесенные расходы To detect обнаруживать To rectify исправлять Creditor’s Ledger книга кредиторов Test-check проверять с помощью тестов Audit statement аудиторский отчет Sales Ledger книга учета продаж Day Book книга операций рабочего дня Defalcation присвоение чужих денег Fraud мошенничество, обман
b) Misuse злоупотребление Universally accepted общепринятый Habitually обычно To divert отвлекать, отводить Lucrative прибыльный, выгодный, доходный Personal gain личная выгода Accounts Chamber Счетная палата Designated purposes указанные (запланированные) цели Consent согласие Violation нарушение Embezzlement растрата Court ruling постановление суда To sue искать в суде, преследовать в судебном порядке Misappropriation незаконное присвоение, растрата To remit переводить (средства) Recipient получатель Fast-yielding deals сделки, быстро приносящие прибыль Valuables ценности To bar запрещать Auditing in russia Englishman: In most industrialized countries audit is a statutory requirement applying to limited companies. Are there any similar regulations in force in Russia? Russian: The transition to a market economy has led to the establishment of new market mechanisms and creation of new institutions. Under the legislation in force, joint ventures are required to submit their annual financial statements, audited by an auditing organization, to the local financial authority. E.: As far as I know, you didn’t use to have auditing firms in the past. Are there any auditors now? R.: Yes, there are. The profession is developing very fast. There are hundreds of auditing firms in every big city now.
En.: 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. What is auditing in your country? R.: As elsewhere, auditing in our country is a process in which an independent accountant examines a firm’s records, analyses financial statements and offers an opinion on their accuracy and reliability. If the auditor doesn’t find faults he confirms the Balance Sheet and the Profit and Loss Account. En.: I see, we have much in common here. Our auditors, as a rule, are chartered public accountants, too. Besides, our auditors are very active in consultancy. R.: Due to the specific business environment, auditors in our country render a very wide range of consultancy services. En.: I suppose they help their clients to prepare tax returns and give advice on the maintenance of accounting and organization of internal controls. R.: Not only. Our auditors also give advice on how to set up businesses, how to improve an enterprise management, explain to their clients rules for performing foreign trade transactions and foreign currency operations. En.: It is widely believed in the UK that if auditors are to play their proper part in the national economic development, they must be independent of pressures not simply from clients but also, as far as practicable, from government or state agencies. R.: The majority of our auditors fully share this point of view. Besides, we believe that an independent, effective and efficient profession requires a strong institutional infrastructure. Audit chambers have been set up throughout our country. En.: It’s nice to hear it. Besides, the strength and prestige of a professional body depends on the professional competence. Who is entitled to carry out statutory audits of accounting documents in Russia? R.: Only auditors having a license. We know that the professional qualifications for auditors in the UK are very high. What are they? En.: Well, our standards in this field are really very high. Every chartered accountant undergoes several years of intensive professional training culminating in examinations of a very high standard. Even then, further experience and study are required to obtain a practicing certificate. R.: What subjects do the examinations cover? En.: A very wide range, I must say. They include auditing, analysis and critical assessment of annual accounts, general accounting, consolidated accounts, cost and management accounting, internal audit, legal and professional standards relating to the statutory auditing, company law, the law on insolvency, tax law, civil and commercial law, employment law, basic principles of financial management, etc. R.: It’s not surprising that your accountants and auditors are respected the world over.
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 _____________________________________________________________________________ 2. to submit the annual financial statements _____________________________________________________________________________ 3. “a true and fair” view of the business’s financial position and performance _____________________________________________________________________________ 4. an independent accountant _____________________________________________________________________________ 5. chartered public accountants _____________________________________________________________________________ 6. to be active in consultancy _____________________________________________________________________________ 7. a wide range of consultancy services _____________________________________________________________________________ 8. organization of internal control _____________________________________________________________________________ 9. to improve an enterprise management _____________________________________________________________________________ 10. foreign trade transactions _____________________________________________________________________________ 11. foreign currency operations _____________________________________________________________________________ 12. a strong institutional infrastructure _____________________________________________________________________________ 13. the strength and prestige of a professional body _____________________________________________________________________________ 14. to depend on the professional competence _____________________________________________________________________________ 15. intensive professional training _____________________________________________________________________________
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). VOCABULARY
Swedish National Audit Office Государственная ревизионная служба Швеции To foster поощрять, благоприятствовать Cash flow поток наличных средств Public administration управление на государственном и местном уровнях Appropriation ассигнование Fee-financed на хозрасчете INTOSAI Международная организация высших контрольных органов EUROSAI Европейская организация высших контрольных органов Fulfillment выполнение, исполнение, осуществление Goal цель, задача Commitment обязательство In line with в согласии, в соответствии Performance исполнение, выполнение Contents содержание Substantial существенный, заметный Issue спорный вопрос, разногласие To recruit вербовать, привлекать к участию
LESSON 4
Exercise 1. Read the texts that follow. Describe the two main functions of auditing. Discuss how public accountants (auditors) and government auditors perform these functions. Explain the importance of internal auditing. a) 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 qualifications are encouraged. Most countries have specific agencies or departments charged with the 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 programmes. The advantages accruing from an audit are obvious, taking into account the complexity of present-day commerce and business.
b) Read the document below and discuss the results of the audit: VOCABULARY Record запись, протокол To acquire приобретать, получать, овладевать Common обычный, привычный Ownership собственность, владение Fairly справедливо, беспристрастно Prospective будущий, ожидаемый Lessors сдающий в аренду To recur повторяться, происходить вновь Familiar известный, хорошо знакомый To investigate расследовать, исследовать Accuracy точность, аккуратность, тщательность Authorization разрешение, санкция, полномочие To encourage поощрять, способствовать Sound здравый, надежный To oversee надзирать, наблюдать за кем-л. Scope размах, поле действий To accrue доставаться (от чего-л.) Disclosure обнаружение, разоблачение Overall общий, предельный Proprietary собственнический, составляющий собственность
VOCABULARY Consolidated объединенный Equity справедливость, беспристрастность Disclosure отражение (информации о финансовой отчетности) Appropriate свойственный, присущий Consistently последовательно, постоянно Fraud обман, мошенничество Exercise 11. Read the dialogue, using the vocabulary, given after it. Sum up its content and act it out: Foreigner: As far as I know, when you started your economic reforms some people believed that under market conditions the controlling function of the state would be losing its importance. Has this idea proved to be true? Russian: It’s clear now that the idea was erroneous. Results of audits and inspections reveal lots of breaches of the law, misuses of public money, misappropriations and numerous cases of budget funds squandering. F.: How can you account for so numerous financial infringements in Russia now? R.: The situation we are having now is a consequence of a weak legal base, shortcomings in running the country’s finances, absence of a legal base for an active financial control. F.: What infringements are most frequent? R.: Well, first of all, I would single out diverting of money away from the stated purposes into lucrative deals for personal gain. I mean funds allocated as returnable resources and budget resources allocated as the state support for different branches of economy. Then I would mention transfer of state funds to commercial units, embezzlements, defalcations, and misappropriation of funds. F.: We have heard about scandals in your country when managers illegally placed so-called “free money” in commercial banks and used the profit made to satisfy their own needs, like buying cars and real estate, going abroad on holiday and so on. R.: That’s true. In some cases, managers underreport their taxable profit, do not disclose income in accounting documents, start business operations without licenses, avoid paying excise duties, etc. There is no legally established responsibility for the misuse of budget funds, which causes irresponsibility, wastefulness, and criminal actions on the part of senior officials and managers. Do you have similar problems? F.: Well, yes, we have, but on a smaller scale. There is an efficient system of government auditing in our country. We examine accounting and performance of all government agencies and public corporations. What are the functions of government auditing in Russia? R.: Generally, we focus on compliance of government agencies, juridical persons with financial legislation of the Russian Federation, we audit execution of the federal budget and extra-budget funds, control money circulation, use of credit resources, external and internal state debt, state reserves, safe keeping and use of state property. We are also responsible for many other things. F.: What measures do you take when you detect financial misdeeds? Do you hand your reports to investigation authorities? R.: Yes, we do. Investigating authorities institute proceedings on the basis of our reports. We must work to improve the system of financial control in Russia because it does not fully meet the present-day requirements. F.: You mean the vigorous emergence of the private sector? R.: Yes, the development of market relations and public and private finances.
VOCABULARY Squandering проматывание (средств) Infringement нарушение (законов) Wastefulness расточительность Investigating authorities следственные органы To institute proceedings начинать судебное разбирательство Erroneous ошибочный Breaches of the law нарушение закона Consequence последствие Legal base юридическая база Shortcoming недостаток To run the country’s finances управлять государственными финансами To single out выделять, вычленять To divert the money away отвлекать деньги от For personal gain для личной выгоды Embezzlement присвоение (чужих денег, имущества) Defalcation присвоение чужих денег, растрата On a smaller scale в меньшем объеме State debt государственный долг Misdeed преступление, оплошность To meet requirements отвечать требованиям Vigorous emergence энергичное, быстрое появление
Exercise 12. Answer the following questions:
1. What idea was erroneous? 2. What do the results of audits and inspections reveal? 3. How do Russians account for the numerous financial infringements? 4. What infringements are most frequent in Russia? 5. Do managers ever underreport their taxable profit on Russia? 6. Is there a legally established responsibility for the misuse of budget funds? 7. What are the functions of government auditing in Russia? 8. What measures do Russian auditors take when they detect financial misdeeds?
Exercise 13. Find the Russian equivalents for the following:
1. the controlling function of the state _____________________________________________________________________________ 2. to prove to be true _____________________________________________________________________________ 3. an active financial control _____________________________________________________________________________ 4. to divert money away from the state purposes _____________________________________________________________________________ 5. lucrative deals for personal gain _____________________________________________________________________________ 6. returnable resources _____________________________________________________________________________ 7. to underreport taxable profit _____________________________________________________________________________ 8. legally established responsibility _____________________________________________________________________________ 9. an efficient system of government auditing _____________________________________________________________________________ 10. to control money circulation _____________________________________________________________________________ 11. the use of credit resources _____________________________________________________________________________ 12. external and internal state debt _____________________________________________________________________________ 13. to detect financial misdeeds _____________________________________________________________________________ 14. to hand reports to investigating authorities _____________________________________________________________________________ 15. to institute proceedings _____________________________________________________________________________
VOCABULARY To put on “alert negative” сделать предупреждение о падении рейтинга To offer little cause for smth давать мало оснований Rating рейтинг Rating agency рейтинговая компания Sovereign credit rating независимая оценка кредитоспособности Negative impact отрицательное воздействие External debt внешний долг Roll-over risk риск пролонгации кредита Gross debt общая задолженность Net debt чистая задолженность Respectively соответственно Foreign exchange receipts объем внешнеторговых поступлений страны Adverse impact неблагоприятное воздействие Liquid ликвидный To denominate называть, именовать, переводить Debt service liabilities обязательства по задолженности By a substantial margin существенно To raise concern вызывать озабоченность Commodity prices цены на товары широкого потребления To decline идти на убыль, приходить в упадок, ухудшаться Export volume объем экспорта To push out further подталкивать дальше Maturity срок платежа по векселю
LESSON 5
VOCABULARY
European Commission Европейская комиссия EU, European Union Европейский союз, Евросоюз Brussels Брюссель To have second thoughts еще раз вернуться к рассмотрению Tax on bank interest налог на банковскую процентную ставку To withhold a tax снизить налог To impose a tax облагать налогом Tax treaty налоговое соглашение To refund the tax withheld сумма, возвращаемая в качестве компенсации при снижении налога Tax collecting structures системы сбора налогов To certify удостоверять, заверять Corporate bond issuer компании, выпускающие облигации Higher capital costs затраты из основного капитала European bond markets expanding расширение европейских рынков облигаций Ready легко доступный, находящийся под рукой To migrate to other markets перейти на другие рынки To re-visit пересмотреть Domestic legislation внутреннее законодательство To impose requirements предъявлять требования To overturn свергать, ниспровергать The special position of UK особый статус принадлежащих offshore islands Великобритании оффшорных островов The strongest of reasons веские основания To urge настаивать, убеждать VOCABULARY a) Tax administration система сбора налогов, налоговое ведомство Self-employed business самостоятельное, некорпоративное предприятие To locate evaders обнаруживать, выявлять уклоняющихся от уплаты налогов Widespread широко распространенный Prosecution преследование
b) Administration costs расходы, связанные со сбором налогов Compliance costs расходы, связанные с обеспечением налогового законодательства Tax liability налоговые обязательства Lag разрыв, запаздывание Penalty штраф To compound усложнять, увеличивать Delinquency правонарушение Neutrality нейтральность Disturbance нарушение VOCABULARY Euro, single European currency евро, единая валюта для стран членов европейского союза To bring in line установить единообразие, ввести в соответствие с Low-income housing жилье для граждан с низкими доходами To determine interest rates установить процентную ставку Payable on a range of taxable по широкому кругу накопительных savings accounts on savings счетов, подлежащих налогообложению, schemes по схемам накопления To trigger вызывать A considerable political backlash существенные политические последствия To spur побуждать, подстрекать
Exercise 12. Answer the following questions:
1. What is this article about? 2. In what way will the adoption of Euro impact the French banking system? 3. Who controls the interest rates on saving schemes in France? 4. Why is the decision to bring rates in line with the market not favorable for some institutions? 5. What are these institutions? 6. What is the French government to allow banks freely to do? 7. What did the bankers argue about? 8. What is the committee to be established to advise on future rates for the tax-free schemes likely to include?
Exercise 13. Find the Russian equivalents for the following:
1. to determine interest rates __________________________________________________________________________ 2. deregulation of the financial services sector __________________________________________________________________________ 3. creation of the single European currency __________________________________________________________________________ 4. on a number of tax-free savings products __________________________________________________________________________ 5. to establish an advisory committee __________________________________________________________________________ 6. to distort competition and create a heavy financing burden on the state __________________________________________________________________________ 7. to pay significantly above market rates __________________________________________________________________________ 8. to deregulate the system __________________________________________________________________________ 9. to trigger a considerable political backlash __________________________________________________________________________ 10. to have an exclusive right __________________________________________________________________________ 11.to package a decision __________________________________________________________________________ 12. to include representatives of low-income housing operators __________________________________________________________________________
Exercise 14. Find the synonyms for the words in italics:
1. The French government is to allow banks to determine interest rates __________________________________________________________________________ 2. It is also to cut the interest rates on a number of tax-free savings products __________________________________________________________________________ 3. To establish an advisory committee __________________________________________________________________________ 4. To play an important role in determinating the level of the rates __________________________________________________________________________ 5. Bankers argued yesterday that the new European Central Bank would have forced the government to deregulate the system __________________________________________________________________________ 6. The decision to bring rates more in line with the market is also a competitive blow to the Post Office,… __________________________________________________________________________ 7. However, the government has packaged the decision as a way to reduce the cost of financing low-income housing __________________________________________________________________________ 8. Banks will also be free to set the interest rate payable on the Livret Jeune savings scheme __________________________________________________________________________ 9. The committee to be established to advise on future rates for the tax-free schemes is … __________________________________________________________________________
Exercise 15. Translate the sentences into English: 1. Введение единой европейской валюты евро привело к необходимости сокращения вмешательства государства в деятельность финансового сектора. ___________________________________________________________________________________________________________________________________________________________________________________________________________________
2. В качестве важного шага в этом направлении французское правительство намерено позволить банкам самим устанавливать процентную ставку по широкому кругу накопительных счетов, подлежащих налогообложению. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
3. До сих пор под прямым контролем со стороны французского правительства находятся процентные ставки по схемам накопления, относящиеся к вкладам, составляющим почти три триллиона французских франков. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
4. В настоящее время накопительные счета по схеме Levret A имеются у 47 млн. жителей Франции, что объясняет особый интерес к повышению процентных ставок со стороны французской общественности. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5. За последние двенадцать лет процентные ставки сокращались дважды, и каждый раз это действие вызывало существенные политические последствия. ___________________________________________________________________________________________________________________________________________________________________________________________________________________
6. Решение правительства о сближении процентных ставок с существующими ставками на рынке подрывает конкурентоспособность других накопительных схем, которые до последнего времени имели исключительное право на предоставление подобного вида банковских услуг. _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ VOCABULARY
Congress Конгресс One-stop shopping широкое объединение потребительских услуг Taxpayers pony up налогоплательщики расплачиваются The Federal Reserve Board, the Fed совет Федерального резерва Overhauling преобразование Banking industry система банковского обслуживания Pastime приятное времяпровождение Depression-era banking laws законы о банках, относящиеся ко времени депрессии A host множество, толпа To flood наводнять, хлынуть Coffers казна To pass laws принимать законы Heightened risks растущие риски To tempt искушать, соблазнять Insured deposits застрахованные вклады Leverage средство для достижения цели To turn sour плохо обернуться, оказаться неудачным To bail out выпутаться из неприятной ситуации “Moral hazard” нравственная проблема Strong safeguards надежные гарантии To prompt толкать, побуждать To underwrite подписывать(ся), страховать
ПРИЛОЖЕНИЯ LESSON 1 What is an excise duty? Indirect taxes are divided into general and special taxes on consumption. The general tax on consumption, value-added tax, or VAT, is levied on more or less all products and a large number of services. The special taxes on consumption are, on the one hand, levied on specifically selected products and services. For historical reasons, they are generally known as excise duties. As far as payments to the state are concerned, it is common to distinguish taxes and charges. A charge usually relates to the provision of a particular service or function of the state. The charges paid to obtain a driving license or a passport are typical cases. Payment of a tax does not entail any direct counter-performance on the part of the state. The revenue from taxation is used – via the state budget – to finance all government activities, including defense and the education system, for instance. In the case of excise duties, the government does not provide any specific services for those who pay these taxes. The revenue from excise duties is stated in the state budget. Therefore, these excise duties, even though hey are sometimes called charges are in reality taxes in the true sense of the word. Most of the excise duties in Sweden were introduced for other purposes than merely to provide income for the state. They can, in fact – in contrast to other taxes – also be used as instruments to influence consumption patterns in a desirable direction for the society. The introduction of an excise duty is, as a rule, based on both public finance requirements and other political considerations. The taxes on energy, spirits, wine, and tobacco are typical examples of excise duties used as instruments for influence. They are also some of the oldest Swedish excise duties. The charge from pesticides and insecticides is another, more recent example of an excise duty which was introduced to restrict the usage of pesticides and insecticides for health and environmental reasons. In Sweden excise duties now account for a significant proportion of the state’s revenue. The annual cost to the Swedish government of administering excise duties (personnel, premises, computers, etc.) amounts … 0.06 per cent of the total revenue from these taxes.
Lesson 2 Slovakia Lesson 3 Lesson 4 Notes: ICAEW – Institute of Chartered Accountants of England and Wales. Институт дипломированных бухгалтеров Англии и Уэльса. ICAS – Institute of Chartered Accountants of Scotland. Институт дипломированных бухгалтеров Шотландии. ICAI – Institute of Chartered Accountants of Ireland. Институт дипломированных бухгалтеров Ирландии. The EU 8th Company Law Directive set out the requirements for each member state to have a common minimum regulatory system for auditors of limited companies. The United Kingdom enacted this through the Companies Act 1989 and added a requirement for monitoring. Since 1 October 1991, a firm must be a Registered Auditor to conduct company audit work. In 1990 the Department of Trade and Industry granted the status of Recognized Supervisory Body to ICAEW, ICAS and ICAI, thus allowing these institutes to register and regulate Registered Auditors. Specifically, this work is done by Audit Registration Committees which register auditors and then organize monitoring. Monitoring is conducted on behalf of the Institutes by the Joint Monitoring Unit, which was set up in 1987 to monitor the compliance of firms authorized to conduct investment business and whose role was extended in 1991 to include monitoring the work of Registered Auditors. The monitoring activities of the JMU involve: issues and reviewing firms’ Annual Returns, conducting visits to firms, reporting the results of visits to the ARCs Activities of the JMU aim to asses whether or not the firm has complied with Audit Regulations and Standards. The JMU seeks to assist firms by making practical suggestions for improvements of their audit performance. Lesson 5 Russia and WTO
Putin pointed out that Russia “has made a firm decision to move towards joining the World Trade Organization, and it will be implemented.” He emphasized that Russia’s efforts to join the WTO must be “put into line with national economic interests.” “Russia will not agree to join the WTO on non-standard terms,” he said. The President said that “while instability in the world directly influences international markets, Russia remains a reliable and predictable partner, supplying oil and other energy raw materials.” Today in Russia “there are many stable and reliable sectors which have proven their positive effect on the development of the entire world economy,” Putin said. The head of state emphasised that “Russia has a strategic goal – that of becoming a producer of competitive goods and services.” In his words, all efforts by the Russian government are aimed to achieve this goal. Putin said the economic situation in Russia over the last two years “has drastically changed.” Russia is “a country where a favorable tax regime is being formed,” he said and recalled the figures which he said almost everyone knows: Europe’s lowest tax rate for private individuals set at 13 percent and the reduction of the profits tax from 35 to 24 percent (for banks the profits tax has been reduced from 43 to 24 percent). Putin also spoke about further reforms in the tax system, the reduction of the tax burden and stabilization in taxation. He said that “some Russian taxes, including the value-added tax,” may be reduced. The President emphasized that these decisions by the Russian government “were intended to give a boost to foreign investment” in Russia and added that Russia would continue simplifying its tax system. Vladimir Putin assured the audience that his government would make every effort to raise the Russian people’s standard of living. At the same time, he said, “we must act in a responsible way and our decisions must be well thought-out and balanced.” “What we are planning now is an optimum solution,” he said. ГлоссариЙ
Рабочий учебник в соответствии с балансовым методом проектирования образовательных программ содержит: 55 - приведенных понятий; 7 - дифференциальных компетенций. ДЛЯ ЭКОНОМИСТОВ ЮНИТА 5 НАЛОГООБЛОЖЕНИЕ. АУДИТ Ответственный за выпуск Е.Д. Кожевникова Корректор Р.А. Готлиб Оператор компьютерной верстки Н.А. Савкин ____________________________________________________________________________________ НАЧОУ ВПО «Современная Гуманитарная Академия» * Полужирным шрифтом выделены новые понятия, которые необходимо усвоить. Знание этих понятий будет проверяться при тестировании. Гуманитарная Академия Дистанционное образование ________________________________________________________ РУ.01;2 Рабочий учебник Фамилия, имя, отчество обучающегося___________________________________________________ Направление подготовки_______________________________________________________________ Номер контракта______________________________________________________________________
АНГЛИЙСКИЙ ЯЗЫК. ПРОФЕССИОНАЛЬНЫЙ ЯЗЫК ДЛЯ ЭКОНОМИСТОВ
ЮНИТА 5
НАЛОГООБЛОЖЕНИЕ. АУДИТ
МОСКВА 2009 Разработано Р.А. Готлибом, канд. социол. наук
Рекомендовано Учебно-методическим советом в качестве учебного пособия для студентов СГА
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