Finance and financial system

Ex 5. Answer the following questions:

1.     What does audit report describe?

2.     Who can issue an audit report?

3.     Explain the meaning of Independent CPAs

4.     In performing an audit what does Independent CPA examine?

5.     Do you know unintentional an intentional opportunities to prepare misleading reports?

6.     What do generally accepted auditing standards require?

7.     What opinion was expressed?

Ex 6. Give situations when auditors

a)    disclaim an opinion

          (отказаться от дачи ауд.заключения)

b)    express / offer unqualified opinion

          (сделать безусловное заключения)

c)     qualify the opinion

          (дать заключ. с оговорками

 Ex 7. Demonstrate the meaning of the following word-combinations on your own sentences: