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 AUDITING IN UKRAINE - English_for_Finance_and_Banking - Studbook
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English_for_Finance_and_Banking

AUDITING IN UKRAINE

 

Englishman: In most industrialized countries audit is a statutory requirement applying to limited companies. Are there any similar regulations in force in Ukraine?

Ukrainian: 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.

Englishman: As far as I know, you didn’t use to have auditing firms in the past. Are there any auditors now?

Ukrainian: Yes, there are. This profession is developing very fast. There are hundreds of auditing firms in every big city now.

Englishman: In the UK the auditor is responsible for ensuring that the accounts show a “true and fair” view of the business’s financial position and performance? What is auditing in your country?

Ukrainian: As elsewhere, 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.

Englishman: I see, we have much in common here. Our auditors, as a rule, are chartered public accountants, too. Besides, our auditors are very active in consultancy.

Ukrainian: Due to the specific business environment, auditors in our country render a very wide range of consultancy services.

Englishman: I suppose they help their clients to prepare tax returns and give advice on the maintenance of accounting and organization of internal control.

Ukrainian: Not only. Our auditors also give advice on how to set up businesses, how to improve an enterprise management, explain to their clients rules for performing foreign trade transactions and foreign currency operations.

 

 

Vocabulary:

statutory requirement – вимога, встановлена законом

in force – діючий

“true and fair” view of the business’s financial position – точне відображення фінансового стану компанії

chartered public accountant – дипломований приватно практикуючий бухгалтер

consultancy – надання консультаційних послуг

to render a wide range of services – надавати широкий перелік послуг

tax return – податкова декларація

maintenance of accounting – ведення системи бухгалтерського обліку

enterprise management – управління підприємством

foreign trade transaction – позаторгова угода

foreign currency operation – операція з іноземною валютою

 

2. Read the dialogue, translate the Ukrainian remarks into English and act it out:

 

Foreigner: As far as I know, you are Ukrainian’s leading provider of accounting and consulting services. The history of your firm mirrors the changes that have taken place in Ukraine over the recent years.

Ukrainian: Так, ви праві. Наша фірма була заснована ще в 1989 році. Всі ці роки нам довелось наполегливо працювати, оскільки ми розпочинали майже з нуля.

Foreigner: What services do you provide?

Ukrainian: Ми надаємо широкий перелік послуг: від послуг у сфері бухгалтерського обліку та аудиту до послуг у сфері фінансового менеджменту та оподаткування.

Foreigner: What are your clients?

Ukrainian: Нашими клієнтами є компанії усіх форм організації бізнесу, що працюють в усіх секторах нашої економіки, включаючи транспорт, торгівлю та банківську діяльність.

Foreigner: We in the UK believe that if auditors are to play their role in economy they must be independent. What are your fundamental principles?

Ukrainian: Ми повністю поділяємо вашу точку зору у відношенні незалежності аудиторів, крім того, ми приділяємо значну увагу підвищенню їх професійного рівня.

Foreigner: Thank you for the opportunity to learn something about auditing in Ukraine.

 

3.Make up dialogues on the following:

 

  • Imagine that you have a job with an auditing firm (or want to be an auditor), what sort of personal characteristics do you think are most important for auditors? Speak about it with your partner.
  • Compare personal characteristics which are most important for auditors with the personal features necessary for other financial professions.

 

B. COMMUNICATIVE SITUATIONS

 

1. Round-table discussion. The question on agenda “My career in auditing”. Answer following questions:

1.            Do auditors perform a useful service to the community?

2.            How do auditors conduct audits?

3.            Is it difficult to become a practicing auditor? Are professional qualifications high?

4.            Are there any international professional organizations of auditors?

 

2.      Discuss with your friends:

a) What is government auditing?

b) What bodies in Ukraine perform government auditing?

 

3. If you have a job with an auditing firm (or want to be an auditor), what sort of personal characteristics do you think are most important for auditors? Compare them with the personal features necessary for other financial profession.

 

 

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