Assignment 8. a) a) Fill each gap with a suitable word from the box.

B) Sum up the text in 5-7 sentences and present your

Summary in class.

C) Name the most important facts about auditing in the United Kingdom of Great Britain and Northern Ireland.

consultancy financial position foreign currency   opinion throughout examines   tax returns independent certificate

AUDITING IN THE UK

In most industrialized countries audit is a statutory requirement applying to limited companies. There are hundreds of auditing firms in every big city now.

In the UK the auditor is responsible for ensuring that the accounts show a ‘true and fair’ view of business’s ___________ (1) and performance. Auditing is a process in which an independent accountant ___________ (2) a firm’s records, analyses financial statements and offers an __________ (3) on their accuracy and reliability. If the auditor doesn’t find faults he confirms the Balance Sheet and the Profit and Loss Account.

The auditors, as a rule, are charted public accountants, too. Besides, they are very active in ___________ (4). They offer a very wide range of consultancy services. They help their clients to prepare ____________ (5), give advice on the maintenance of accounting and organization of internal control, give advice on how to set up business, how to improve an enterprise management, explain to their clients rules for performing foreign trade transactions and __________ (6) operations.

In the UK auditors play their proper part in the national economic development and must be ____________ (7) of pressures not only from clients but also from government and state agencies. An independent, effective and efficient profession requires a strong institutional infrastructure. Audit chambers have been set up ___________ (8) the country.

Standards of education in this field are really very high. Every charted 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 ____________ (9).

Examinations cover a very wide range of subjects including auditing, analysis and critical assessment of annual accounts, general accounting, consolidated accounts, cost and management accounting, internal audit, legal and professional standards relating to statutory auditing, company law, employment law, basic principles of financial management, etc. It’s not surprising that British accountants and auditors are respected the world over.

DISCUSSION

1) What is auditing? What is the aim of audits?

2) Do auditors perform a useful service to the community?

3) Is it difficult to become a practising auditor? Are professional qualifications high?

4) What do professional audit organizations do for auditor?

5) Do many young people want to make a career in auditing? Why?

Дата добавления: 2015-11-14