Finance and financial system

Ex 4. Find synonyms

	a) credibility b) various c) tested company d) exact figures e) absolute figures f) check g) to be responsible h) balance i) size j) to make conclusion k) estimation l) independent m) register

 

1.     examine

2.     financial statements

3.     to offer an opinion

4.     reliability

5.     manifold

6.     audited company

7.     complete figures

8.     accurate figures

9.     record

10.  to take the responsibility

11.  evaluation

12.  magnitude

13.  substantive

 

 

 

Ex 5. Form word associations:

 

Process

Accounts

Model:   



Ex 6. Give derivatives:

 

accountant            complete              record

 

performance          conclusion           material

 

misstatement        evaluation            credibility

 

reliability             certify                  insolvency

 

 

Ex 7. Answer the questions:

1.     What is audit?

2.     What are different types of audits now days?

3.     What does the auditor’s opinion help establish?

4.     How is an audit planned?

5.     What do auditors normally start with?

6.     What do auditors direct their attention when they analyses financial statements?

7.     Do auditors study and evaluate the accounting system and the internal accounting control during the audit?

8.     Do all audits end up in the approval of the financial statements?

Ex 8. Prepare short talks and discuss them.

1.     International professional organizations of auditors 

2.     What bodies in Uzbekistan perform governmental auditing?

3.     Career in auditing.

 

 

Text 2.

 

REPORT OF INDEPENDENT ACCOUNTANTS

 

 

Ex 1. As you read the text below try to match the words and combinations in Column A to their Uzbek – Russian equivalents in Column B

 

Column A                                                 Column B

a) уверять обеспечивать, страховать; ишонтирмоқ, таъминламоқ, кафолатламоқ b) согласовываться; мувофиқ қилмоқ c) управление организацией; муассасани бошқариш d) правовая ответственность, ответственность перед законом; қонун олидида жавобгарлик e) смета, оценка; баҳолаш f) честность, справедливость; аниқлик g) устанавливать; аниқламоқ, белгиламоқ h) оценивать; баҳоламоқ i) открытие, раскрытие информации; ахборотни ошкор қилмоқ j) бухгалтер, имеющий право проводить ревизию; балансларни тафтиш қилиш ҳуқуқига эга бўлган эксперт бухгалтер k) движение наличности; нақд пул харакати l) вывод; шарт шароит, хулоса m) требовать, предъявлять претензию; талаб қилмоқ, даъво қилмоқ n) достоверность, очевидность, основание; асос, далиллар

 

1.     appreciate

2.     ascertain

3.     estimate

4.     cash flow

5.     disclosure

6.     assure

7.     implication

8.     conform

9.     claim

10.  management of entity

11.  legal liability

12.  fairness

13.  evidence

14.  independent accountant

Ex 2. Match the words: 

1.     auditor                          a) basic

2.     independent                   b) carry out

3.     underlying                     c) planned

4.     misleading                     d) substantive

5.     perform                         e) honesty

6.     ascertain                        f) independent accountant

7.     intentional                     g) determine

8.     fairness                         h) mistaken

Ex 3. Read and translate the text, pay attention to the sample of a report of Independent accountants

        The report of independent accountants or audit re­port, which describes their opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion An accoun­tant may be licensed as a Certified Public Accountant, or CPA. This designation is granted only on completion of requirements specified by each stated. While other accountants can offer various accounting services to the public, only a licensed CPA can issue an audit report. In this role, accountants are known as independent CPAs (or independent accountants) because they have certain re­sponsibilities that extend to the general public in addition to those to the spe­cific business that pays for the services. Independent CPAs, although paid by their clients, are not employees of their clients. Independence has important implications for the legal liability of CPA firms.

An audit involves an examination of the financial reports (prepared by the management of the entity) to assure that they represent what they claim and conform with generally accepted accounting principles (GAAP). In perform­ing an audit, the independent CPA examines the underlying transactions, in­cluding the collection, classification, and assembly of the financial data incorporated in the financial reports. To appreciate the magnitude of these re­sponsibilities, consider the enormous number of transactions involving a major enterprise such as General Motors—billions of dollars each year. However, the CPA does not examine each of these transactions; rather, profes­sional approaches are used to ascertain beyond reasonable doubt that transac­tions were measured and reported properly. There are many unintentional and intentional opportunities to prepare misleading financial reports. The audit function performed by an in­dependent CPA is the best protection available to the public. However, when that protection fails, the independent CPA is often found liable for losses, in curried by those who rely on the statements.