1. Read and translate the text.

In most industrialized countries audit is a statutory requirement applying to limited companies. The transition to a market economy has led to the establishment of new market mechanisms and creation of new institutions. Under the legislation in force, joint ventures are required to submit their annual financial statements, audited by an auditing organization, to the local financial authority.

Russia didn't use to have auditing firms in the past, but this profession is developing very fast. There are hundreds of auditing firms in every big city now.

As in many other countries the auditor is responsible for ensuring that the accounts show a "true and fair" view of the business's financial position and performance. Auditing in our country is a process in which an independent accountant examines a firm's records, analyses financial statements and offers an opinion on their accuracy and reliability. If the auditor doesn't find faults he confirms the Balance Sheet and the Profit and Loss Account Due to the specific business environment, auditors in Russia render a very wide range of consultancy services. They help their clients to prepare tax returns and give advice on the maintenance of accounting and organization of internal control. They also give advice on how to set up businesses, how to improve an enterprise management, explain their clients rules for performing foreign trade transactions and foreign currency operations.

In order to play their proper part in the national economic development, auditors must be independent of pressures not simply from clients but also from government or state agencies. Moreover, an independent, effective and efficient profession requires a strong institutional infrastructure. That's why audit chambers have been set up throughout the country.

The strength and prestige of a professional body depends on the professional competence. To be entitled to carry out statutory audits of accounting documents in Russia, an auditor must have a license.

As for the professional qualifications for auditors in the UK, they are really very high. Every chartered accountant undergoes several years of intensive professional training culminating in examinations of a very high standard. Even then, further experience and study are required to obtain a practicing certificate. The examinations cover such subjects as auditing, analysis and critical assessment of annual accounts, general accounting, consolidated accounts, cost and management accounting, internal audit, legal and professional standards relating to the statutory auditing, company law, the law on insolvency, tax law, civil and commercial law, employment law, basic principles of financial management, etc. That is why, the UK accountants and auditors are respected over the world.

2. Answer the questions on the text:

1. What forms of business organization are audited in Russia?

2. Why is the auditing profession developing fast in Russia now?

3. What responsibilities do Russian auditors take?

4. Why is it that Russian auditors offer a wide range of services?

5. What conditions can ensure existence of an independent, effective and efficient

auditing profession?

6. What professional qualifications exist for auditors in the UK?

7. What examinations do the UK auditors take?