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Exercise 8. Study Figures 1, 2 and discuss.

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  6. A) Study this list of proper adjectives.
  7. A. TRAINING EXERCISES

1. The difference between definitions of reserves “booked” (Fig.1)

2. Classification of petroleum fiscal systems (Fig.2)

Definitions of reserves “Booked” Royalty/tax Production sharing Gross recoverable reserves Gross recoverable reserves x Working interest (%) x Working interest (%) = Working-interest reserves = Working-interest reserves - Royalty - Royalty = Net-revenue-interest bbl - Government profit oil = Contractor entitlement*   *The contractor share of profit oil is usually taxed.   Fig.1    


Words and expressions

dramatically эффектно, поразительно
fiscal systems налоговая система
recoverable reserves извлекаемые запасы
net-revenue-interest     доля чистого дохода компании от общего дохода по проекту
working-interest процент участия
take title to   брать право собственности на товар
wellhead устье скважины
to pay in cash платить наличными
to pay in kind платить товаром
fee плата
   

Exercise 9. Discuss the following points.

 

1. Have you ever heard or read that a particular company has problems with revenue authorities? What company was it? What was the problem?

2. Do all businesses in Russia pay taxes in full? Why do you think some of them try to avoid taxes? What should the authorities do with such companies? Do you know what the auditors deal with?

Auditors and their reports

Auditors are usually independent certified accountants who review the financial records of a company. These reviews are called audits. They are usually performed at fixed intervals - quarterly, semiannually or annually. Auditors are employed either regularly or on a part-time basis. Some large companies maintain a continuous internalaudit by their own accounting departments. These auditors are called internal auditors.

Not so many years ago the presence of an auditor suggested that a company was having finacial difficulties or that irregularities had been discovered in the records.

 

Currently, however, outside audits are a normal and regular part of business practice. Auditor's see that current transactions are recordered promptly and completely. Their duty is to reduce the possibility of misappropriation, to identify mistakes or detect fraudulent transactions. Then they are usually requested to propose solutions for these problems.

Thus auditors review financial records and report to the management on the current state of the company's fiscal affairs in the form of Auditor's Report or Auditor's Opinion.


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Читайте в этой же книге: Match the definitions with the following terms. | Refer to the instructions in Ex. 22 (pg. 389-390) again and circle T (True) and F (False). | Laminar or Turbulent Flow | Answer the following questions. | Types of Storage Tanks | The pictures show the installation process of tanks. Read the information and number the steps. | Label the following diagrams and describe. Read the necessary information in Appendix 4. | STEEL TANKS WITH FIXED ROOFS | Fill in the spidergram with the words associated with Petroleum Industry | Oil and Gas in Russia. Development and Financing of Large Projects |
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