Ex.2. Indicate whether each of the following statements is true or false

Ex.8. Write the appropriate word or phrase in the following spaces. Translate the sentences into Ukrainian.

1. … were called in to inspect the accounts.

2. An accountant did a year-end … of our financial records.

3. … firm audited the company every year.

4. … are not employees of the organization whose books they examine.

5. The tax inspector wants to examine ….

6. Many companies employ their own accountants to maintain ….

7. … are a normal and regular part of business practice.

8. Auditors review … and report to the management on the current state of the company’s … in the form of an Auditor’s Report.

9. An accountant did … of the company’s financial health.

10. The numbers in the report are ….

	accurate; an evaluation; fiscal affairs; financial records; outside audits; an internal audit; the books; independent accountants; the accounting; audit; the auditors.

Ex.9. Fill in the missing prepositions:

An auditor is an accountant, independent … a company, who is appointed … the shareholders to ensure that the annual accounts give a true and fair view … the state … affairs … the company. The accounts should be prepared using the accepted methods … accountancy. Auditors will also try to ensure that the organization’s accounting systems do not allow any fraud or stealing to occur … the company’s funds. Large organizations might carry … an internal audit themselves to ensure that their accounting practices and procedures are accurate and efficient.

(of (5), by, from, out)

Exercises in Comprehension

Ex.1. Answer the following questions:

1. What is auditing?

2. Who carries out audits? Who are usually the clients?

3. What is an internal audit?

4. What do the internal auditors review?

5. What suggestions do the internal auditors make to management?

6. What is an independent audit? Who conducts most independent audits?

7. What do the independent auditors review?

8. What does the external auditor ensure?

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

Modal Verbs with the Perfect Infinitive In the previous lesson we looked at how the modals can, may, might, must, could, should, ought to are used to talk about possibility, probability and certainty in the present and future. Here we shall look at how these modals are used to talk about the same ideas in the past. Must + Perfect Infinitive expresses the speaker’s certainty that something has happened. If she is not here by now, something must have happened.

Could/may/might + Perfect Infinitive express the idea that there is a possibility that something has happened. She looks miserable. She could /may/might have lost her job. (perhaps she has lost her job)

Can’t /couldn’t + Perfect Infinitive express the speaker’s certainty that something has not happened. She can’t/couldn’t have gone; her coat is still here. May not/might not + Perfect Infinitive express the idea that it is possible that something didn’t happen. Nobody is in the office. They may not/might not have received our message.

Should/ought to + Perfect Infinitive indicate that an action considered desirable was not carried out. You ought to/should have warned your employer. Shouldn’t/oughtn’t to + Perfect Infinitive indicate that an action considered undesirable was carried out. You shouldn’t /oughtn’t to have told her this news.

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