Vocabulary Notes:

1. accounting n бухучет

2. audit n аудит

3. set up a business организовывать/основывать дело

4. report v давать отчет

5. entity n хозяйствующий субъект

6. financial statements финансовая отчетность

7. bookkeeping n счетоводство

8. record-keeping n ведение учета

9. from this perspective с этой точки зрения

10. public accounting работа независимых бухгалтерских

работников в качестве аудиторов

11. private accounting учет в хозрасчетных организациях

12. governmental accounting учет в государственных учреждениях

13. certified public accounting firms фирмы дипломированных независи-

мых бухгалтеров

14. the books n бухгалтерские книги

15. accounting function государственный институт, государ-

ственное учреждение

Ex.16. Answer the following questions:

1. Why must businessmen have some knowledge of accounting?

2. What is accounting?

3. What does an accounting information system show?

4. Who needs financial information?

5. What are the major branches of accounting?

Ex.17.Find in the text English equivalents for the following Russian words and phrases:

быть в состоянии заработать прибыль; чтобы вести дела эффективно и с прибылью; накапливать; суммировать и давать отчетность по коммерческим операциям; финансовое состояние хозяйствующего субъекта, финансовая отчетность, финансовые аналитики; бухучет подразделяется на…; основные направления бухучета; подвергать аудиторской проверке бухгалтерские книги; анализ и отражение финансовой информации.

Ex.18. Match the verbs in A with the nouns in B.

A B

to set up a commodity

to produce affairs

to earn information

to conduct the books

to communicate a function

to audit profit

to perform a business

Ex.19. a)Read the interview, b)Say:

- how one can become an auditor;

- whether Russia follows international practice in auditing.

Foreigner: As far as I know, you didn’t use to have auditing firms before

your economic reforms. But now auditing is widely practiced

here, isn’t it?

Russian: That’s right. Our auditing profession is developing very fast.

F.: Are there any professional organizations of auditors in Russia

now?

R.: Yes, there are. They help auditors in their professional activity.

Now auditors are trained in institutes of higher education.

F.: Can graduates perform audits?

R.: No, they can’t. To carry out audits one must have a licence.

F.: Do your auditors take exams for that?

R.: Like in your country they do. Requirements for people who take

such exams are very strict. Then auditors must have several years

of approved experience and constantly upgrade their skills.

F.: I see. You follow international practice. What services do your

auditors offer?

R.: As a rule, they audit financial statements and provide opinion on

their accuracy and reliability. Besides, they provide consultancy

on financial management, taxation and designing of accounting

systems.

F.: These are most common things for auditors in market economy.

R.: That’s true. Russia has been recognized as market economy lately.