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Ex.2. Indicate whether each of the following statements is true or false.1. The people who keep the financial records for an organization are the same people who carry out an audit of those records. 2. An external auditor is only invited when a company is having financial difficulties. 3. The more internal controls an organization has, the more efficient is its performance. 4. Many companies nowadays employ accountants of their own to maintain a continuous internal audit. 5. Internal auditors try to make sure that the operating sections of a company follow the policies established by management. 6. The reports of internal auditors always reach the people in management. 7. CPAs seldom do independent auditing. 8. Only very large corporations need external audits.
Ex.3. Sum up what you remember about: s auditing s internal audits s independent audits
Grammar Revision
Ex.1. Complete the following sentences with an appropriate modal verb from the box below.
1. She ______ have lost her way; she must have missed the train. 2. Has she phoned yet? She ______ have phoned two hours ago. 3. I’m not waiting much longer. He ______ have been here hours ago. 4. The bus ______ have been at the airport. He promised to meet us. 5. He is back already. He ______ have started very early. 6. Do you remember reading about it in the newspapers? No, I ______ have been abroad at the time. 7. We had a very good dinner for $3 at a restaurant yesterday. You ______ have had a very good dinner if you only paid $3. 8. I saw your boss in the theatre yesterday. You _____ have seen him; he is still abroad. 9. The letter ______ have been posted long ago. 10. You _______ have greeted him first. 11. She _______ have made such a mistake. 12. You _______ have left your glasses in the car. 13. Give him a ring. He _______ have arrived by now. 14. They ______ have followed her advice. Now they regret not to have done so. 15. You _______ have spoken to your employee in such a tone. I am sure, you have hurt him. 16. He ______ have left without saying good-bye. 17. He ______ have concealed something from his employer. 18. They _______ have delayed the discussion of the problem.
Ex.2. Translate into English. 1. Не може бути, щоб він дав згоду виконати таку кількість роботи за такий короткий термін. 2. Не може бути, щоб вони досі не вирішили цього питання. 3. Зараз вони, можливо, вже закінчили свій дослід. 4. Тобі потрібно було зателефонувати йому вчора; ти знав що він хворий. 5. Звичайно, ти повинна була попередити їх раніше. Чому ти цього не зробила? 6. Його здоров’я покращилося. Він, можливо, кинув палити. 7. Він, можливо, не усвідомив одразу всієї важливості повідомлення. 8. Щось, можливо, затримало його. Він повинен був уже повернутися. 9. Можливо ти не зрозумів її. Вона не хотіла образити тебе. 10. Вони, можливо, не скоротили свої витрати. Ось чому вони зараз є боржниками. 11. В неї, мабуть, не було жодного шансу попередити мене заздалегідь. 12. До цього часу він, можливо, сплатив уже всі борги.
Speech and Discussion
Ex.1. Explain what the auditing function of accounting involve.
Ex.2. Discuss with your groupmates various functions of internal and external auditors.
Ex.3. Do you think auditing is useful to a business? Has the attitude toward auditing changed in modern times?
Ex.4. Familiarize yourself with the following idioms, consult your dictionary and translate the sentences into Ukrainian. Think of situations where you could use them: 1. The company’s owners are old and tired; the company needs some new blood. 2. He visits once in a blue moon; we almost never see him. 3. She started with no money and pulled herself up by her bootstraps to run her own company. 4. The bottom line is that we have to increase our sales or take a cut in pay. 5. He went broke without even a penny.
Ex.5. Comment on the following: “The path to success is to take massive, determined action.” (Anthony Robbins)
TEST 5 (UNIT V)
Choose the word or word combination to match the definition. 1. An accountant who has passed examinations required by the state licensing officials.
2. A plan of expected income and expenditure for a particular period of time.
3. The total of separate budgets from different departments within a company.
4. The people who control a company.
5. The period used by companies and governments for accounting and tax purposes.
6. A detailed inspection of the accounts of an organization by a professionally trained person.
7. A report showing profit and loss for a business or institution.
8. The books, files or computer records where a company's accounts are kept.
9. An audit carried out by a person not employed by the company.
10. An aim or target.
11. A statement about what one thinks will happen in the future.
12. The amount of work to be done.
13. A specialized branch of accounting that deals with government agencies.
14. The recording of all money received into and paid out of a company in a book or on a computer file.
15. Dismissing a worker for a period of time.
16. The person appointed by the court to close a company and dispose of its assets.
17. A person or an organization that you owe money to.
18. To be unable to pay your debts.
19. To become bankrupt.
20. A reduction in the amount or quality of something.
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