Exercise 11. Read the dialogue, using the vocabulary, given after it. Sum up its content and act it out.

 

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

_____________________________________________________________________________

 

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