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

 

1. Record

_____________________________________________________________________________

2. To acquire

___________________________________________________________________________

3. Common

_____________________________________________________________________________

4. Ownership

_____________________________________________________________________________

5. Fairly

_____________________________________________________________________________

6. Prospective

_____________________________________________________________________________

7. Lessors

_____________________________________________________________________________

8. To recur

_____________________________________________________________________________

9. Familiar

_____________________________________________________________________________

10. To investigate

_____________________________________________________________________________

 

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

 

1. изучение записей и протоколов

_____________________________________________________________________________

2. получить профессиональный статус

_____________________________________________________________________________

3. в соответствии с допустимыми принципами учета

_____________________________________________________________________________

4. беспристрастно передавать финансовое положение компании

_____________________________________________________________________________

5. независимая оценка

_____________________________________________________________________________

6. выявлять нежелательные примеры работы …

_____________________________________________________________________________

7. относительно новый вид аудита

_____________________________________________________________________________

8. оправдательный денежный документ

_____________________________________________________________________________

9. поощрять высокие стандарты профессиональной квалификации

_____________________________________________________________________________

10. исполнительная ветвь власти

_____________________________________________________________________________

11. выражать мнение по поводу финансовой документации

_____________________________________________________________________________

 

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 …) …

_____________________________________________________________________

2. The text deals with the issue of …

_____________________________________________________________________

3. It is clear from the text that …

_____________________________________________________________________

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

_____________________________________________________________________

5. The problem of … is of great importance.

_____________________________________________________________________

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

_____________________________________________________________________

7. Great importance is also attached to …

_____________________________________________________________________

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

_____________________________________________________________________

9. It further says that …

_____________________________________________________________________

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

_____________________________________________________________________

11. We shouldn’t forget that …

_____________________________________________________________________

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

_____________________________________________________________________

 

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

 

a) to acquire                   b) the efficiency

to become                      the law       

to perform                     financial management

to present                       an audit

to reveal                         an opinion

to evaluate                     assurance

to comply with              a basis

to oversee                      professional status

to conduct                     common

to express                      tests

to obtain                        the firm’s position

to provide                      practices

 

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

 

1. examination

_______________________________________________________________________

2. report

_______________________________________________________________________

3. enterprise

_______________________________________________________________________

4. professional status

_______________________________________________________________________

5. business

_______________________________________________________________________

6. financial position

________________________________________________________________________

7. evaluation

________________________________________________________________________

8. accounting system

________________________________________________________________________

9. management

__________________________________________________________________________

10. budget

__________________________________________________________________________

11. expenditure programmes

__________________________________________________________________________

12. advantages

__________________________________________________________________________

 

Exercise 10. Read the text, filling each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary.

Independent Auditor’s Report to the Board of Directors and Stock-holders of ________________________ Company

 

We have audited the consolidated balance sheets of _________________ Company and Subsidiaries at December 31, … and … (years) and the related consolidated statements of income, stockholders’ equity and cash flows for each of the years in the period ended December 31, … (year).

Respective _______________ of directors and auditors are as follows: the company directors are responsible for the preparation of financial _______________; our responsibility is to form an independent __________________based on our audit of these statements and to report our opinion to you.

Basis of opinion. We conducted our _______________ in accordance with generally accepted auditing __________________ . Our audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the ______________ in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.

We planned and ___________ our audit so as to obtain all the information and explanations which we considered ____________________ in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are _________________ from material misstatements, whether caused by fraud other irregularity or error. In ______________ our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our _______________ provides a reasonable basis for our opinion.

Opinion. In our ______________ the financial statements referred to above give a true and fair _______________ of the consolidated financial position of _______________ Company and Subsidiaries at December 31, … (year) and have been properly prepared in _______________with generally accepted accounting principles and the Company Act 1985.

 

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

_____________________________________________________________________________

 

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