Exercise 5. Translate the words and expressions below from English into Russian and make up your own sentences with them.

 

1. unintentional

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2. relevant

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3. in compliance with

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4. underlying

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5. to comply with regulations

_____________________________________________________________________________

6. in the circumstances

_____________________________________________________________________________

7. accordingly

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8. generally accepted auditing standards

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9. to conduct an audit

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10. the related statement of income

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11. balance sheet

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12. to certify

_____________________________________________________________________________

13. integrity

_____________________________________________________________________________

14. to qualify the opinion

_____________________________________________________________________________

15. unqualified opinion

_____________________________________________________________________________

16. deviation

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17. approval of the financial statement

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18. detection risk

_____________________________________________________________________________

19. control risk

_____________________________________________________________________________

20. inherent risk

_____________________________________________________________________________

 

 

Exercise 6. Find in the text English equivalents for the following Russian phrases from the text (of ex.1) :

 

1. проверять (подвергать ревизии) учетную документацию

_____________________________________________________________________________

2. давать заключение в отношении точности и достоверности финансовой отчетности

_____________________________________________________________________________

3. ревизия правильности начисления подоходного налога

_____________________________________________________________________________

4. аудит оптимального использования денежных средств

_____________________________________________________________________________

5. аудит мероприятий по защите окружающей среды

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6. ревизия правильности действий руководства

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7. проверка эффективности финансовой деятельности руководства

_____________________________________________________________________________

8. учетные работники накопили значительный опыт в …

_____________________________________________________________________________

9. аудит счетов является инструментом защиты интересов пользователей финансовой отчетности

_____________________________________________________________________________

10. заключение аудитора делает финансовую отчетность надежной

_____________________________________________________________________________

11. деловая среда, в которой работает проверяемая компания

_____________________________________________________________________________

12. аудиторы обращают свое внимание на правильность предположений руководства

_____________________________________________________________________________

13. преднамеренное или непреднамеренное искажение данных

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14. брать на себя ответственность за …

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15. процедура проведения аудиторской проверки

_____________________________________________________________________________

16. оценка системы внутреннего контроля

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17. прибегать к независимым проверкам

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18. анализ финансово-хозяйственной деятельности

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19. подтвердить финансовую отчетность

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20. балансовый отчет соответствует российскому законодательству

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Exercise 7. Single out the main points of the text (ex.1) . Use the following opening phrases:

1. The text looks at (the problem of …) …

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2. The text deals with the issue of …

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3. It is clear from the text that …

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4. Among other things the text raises the issue of …

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5. The problem of … is of great importance.

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6. One of the main points to be singled out is …

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7. Great importance is also attached to …

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8. In this connection, I’d like to say …

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9. It further says that …

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10. I find the question of … very important because …

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11. We shouldn’t forget that …

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12. I think that … should be mentioned here as a very important mechanism of …

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Exercise 8. Match the verbs from (a) with the nouns from (b) below:

 

а) to offer                                          b) internal controls

to direct                               substantive testing      

to focus on                           a conclusion    

to take                                  the interests

to complete                          the opinion

to seek                                  an audit

to rely on                              regulations

to resort to                           an opinion

to form                                 attention

to protect                             misstatement

to qualify                             the responsibility

to conduct                            the audit

to comply with                     evidence

 

Exercise 9. Think of and write the verbs that are most commonly used with:

 

1. opinion

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2. audit

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3. auditor’s report

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4. internal controls

_______________________________________________________________________

5. substantive testing

_______________________________________________________________________

6. payments

_______________________________________________________________________

7. evidence

_______________________________________________________________________

8. information

_______________________________________________________________________

9. responsibility

_______________________________________________________________________

10. procedure

_______________________________________________________________________

11.      accounting system

_______________________________________________________________________

12. audit strategy

_______________________________________________________________________

13. conclusion

_______________________________________________________________________

Exercise 10. Read the articles supplying the prepositions where necessary (in the text a) or putting the verbs in the correct form (in the        text b). Then study the vocabulary given after them.

a)

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

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