Vocabulary Notes:

1. auditing firm аудиторская фирма

2. perform an audit проводить аудиторскую проверку

3. carry out an audit проводить аудиторскую проверку

4. licence n лицензия

5. upgrade skills повышать квалификацию

6. consultancy services консультационные услуги

7. financial management финансовый менеджмент

8. designing of accounting systems разработка систем бухучета

Role- play: The reason I Want to Be an Accountant and Auditor

Any country needs accountants. Ask your foreign friend who is trained to be an accountant and auditor why he wants to make a career in accounting/ auditing.

Ex.20. Translate the text into Russian and analyze grammatical and lexical problems of the translation.

Accounting: Changes and Prospects

Significant changes are known to have taken place in accounting in recent years. The accountancy profession has gained a very high status. The modern accountant has begun to play an important role in business activity. As a result he is expected to perform various duties today, one of the major duties being provision of information to the management. By providing information to managers the accountant enables them to assess their own performance, to make economic decisions and to devise ways to improve their efficiency. Equally important is the task of designing accounting systems.

In spite of the centuries of evolution the double-entry principles has remained the backbone of any accounting system. At the same time, however, one can’t deny the fact that the development of human society influences accounting and makes designing accounting systems for new fields like “social accounting”, “green accounting”, “tax accounting” etc. a challenging task.

Another responsibility of accountants is to prepare financial statements, the four basic financial statements being the income statement, balance sheet, capital statement, and the statement of cash flows.

One of the biggest problems facing the accounting profession is the necessity of rapid adaptation to the changes connected with enormous growth of industry, the world globalization process and development of information technology. In this context there is a general opinion in the profession about the need to improve the quality of accounting, professional competence, and accounting education. Maintaining high ethical standards, compliance with relevant laws, as well as accounting and auditing standards are also on the agenda.

Ex.21. Read and translate the text.

On British Economy

The economy of Great Britain is based primarily on private enterprise.

The private sector accounts for 82 percent of output and 79 percent of employment. Since 1979 the government has reduced the state-owned sector of industry by about two-thirds under its privatization programme. It believes that economic decisions are best taken by those competing in the marketplace and that its primary roles are to help keep inflation low, maintain sound public finances and create the right climate for markets to work better. Government programmes provide direct assistance or advice mainly to small and medium–sized businesses. Government economic policies are aimed at raising productivity, increasing employment opportunity for all, providing educational opportunity for all, abolishing poverty, delivering public services, and achieving rising prosperity.

In 2002 growth in the UK economy continued. Gross Domestic Product sector (finance, tourism, shipping and aviation) which now accounts for around two-thirds of GDP, compared with about one-half in 1950. Production of manufactured goods contributes less than one quarter of GDP, compared with over a third in 1950.

Employment has grown over this period at a high pace. At the moment the economy is seeing the longest period of low inflation since the 1960s.

In 2002 the Government investment rose by 15.4 percent.