Independent Auditor’s Report

Dear Sirs,

We have audited the accompanying general purpose financial statements of Cobb County, Georgia, and the combining, individual fund and account group financial statements of Cobb County, Georgia as of and for the year ended September 30, …

These financial statements are the responsibility of Cobb County, Georgia’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of Cobb County, Georgia at September 30, … , and the results of its operations and the cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of Cobb County, Georgia, at September 30, …, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund and account group financial statements. The accompanying financial information is presented for purposes of additional analysis and is not a required part of the financial statements of Cobb County, Georgia. The Information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account groups, taken as a whole.

Atlanta, Georgia, January 12, …

Vocabulary

Record запись, протокол

To acquire приобретать, получать, овладевать

Common обычный, привычный

Ownership собственность, владение

Fairly справедливо, беспристрастно

Prospective будущий, ожидаемый

Lessors сдающий в аренду

To recur повторяться, происходить вновь

Familiar известный, хорошо знакомый

To investigate расследовать, исследовать

Accuracy точность, аккуратность, тщательность

Authorization разрешение, санкция, полномочие

To encourage поощрять, способствовать

Sound здравый, надежный

To oversee надзирать, наблюдать за кем-л.

Scope размах, поле действий

To accrue доставаться (от чего-л.)

Disclosure обнаружение, разоблачение

Overall общий, предельный

Proprietary собственнический, составляющий собственность

Exercise 2. Answer the following questions.

1. What is auditing?

2. When did auditing appear?

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

4. How do auditors conduct audits?

5. What is the aim of audits?

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

7. What is government auditing?

8. Are there any international professional organizations of auditors?

9. What bodies in Russia perform government auditing?

10. Do many young people want to make a career in auditing? Why?

Exercise 3. Fill in the gaps with the words and expressions from the text:

1. Audit is an _________________of the records and reports of an enterprise by accounting specialists other than those responsible for their ________________.

2. Public auditing by independent accountants has acquired ________________ and become increasingly common with the rise of ___________________________ and the separation of ownership from _____________________.

3. The ____________________________ performs tests to determine whether the management’s statements were prepared in accordance with _______________ __________________ and fairly present the firm’s financial position and operating results.

4. Generally speaking, auditing has two functions: to _________________ undesirable practices and, as far as possible, to _____________________ their recurring in the future.

5. A relatively new type of auditing is __________________________________.

6. Perhaps the most familiar type of auditing is __________________________, or pre-audit, in which ____________________________, __________________ or other documents are investigated for accuracy and proper authorization before they are paid or entered in _______________________.

7. In English-speaking countries, public auditors are usually ______________, and high standards of professional qualifications are ________________________.

8. Most countries have ____________________________________________ charged with the auditing of their public accounts.

9. Taxpayers in all countries are interested _____________________________, they also want to know whether or not the executive branch of government is complying with the __________, especially in the area of _____________________.

10. The advantages accruing from an audit are _______________________, taking into account the complexity of present-day __________________ and _____________________.

Exercise 4. Translate the words and expressions below from Russian into English and make up your own sentences with them.

1. точность, аккуратность, тщательность

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2. разрешение, санкция, полномочие

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3. поощрять, способствовать

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4. здравый, надежный

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5. надзирать, наблюдать за кем-л.

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6. размах, поле действий

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7. доставаться (от чего-л.)

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8. обнаружение, разоблачение

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9. общий, предельный

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10. собственнический, составляющий собственность

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Exercise 5. Translate the words and expressions below from English into Russian and make up your own sentences with them.

1. Record

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2. To acquire

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3. Common

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4. Ownership

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5. Fairly

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6. Prospective

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7. Lessors

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8. To recur

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9. Familiar

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10. To investigate

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Exercise 6. Find in the text (ex.1) English equivalents for the following Russian phrases from the text:

1. изучение записей и протоколов

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2. получить профессиональный статус

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3. в соответствии с допустимыми принципами учета

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4. беспристрастно передавать финансовое положение компании

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5. независимая оценка

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6. выявлять нежелательные примеры работы …

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7. относительно новый вид аудита

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8. оправдательный денежный документ

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9. поощрять высокие стандарты профессиональной квалификации

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10. исполнительная ветвь власти

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11. выражать мнение по поводу финансовой документации

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Exercise 7. Single out the main points of the text (ex.1) . Use the following opening phrases:

1. The text looks at (the problem of …) …

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2. The text deals with the issue of …

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3. It is clear from the text that …

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4. Among other things the text raises the issue of …

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5. The problem of … is of great importance.

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6. One of the main points to be singled out is …

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7. Great importance is also attached to …

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8. In this connection, I’d like to say …

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9. It further says that …

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10. I find the question of … very important because …

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11. We shouldn’t forget that …

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12. I think that … should be mentioned here as a very important mechanism of … .

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Exercise 8. Match the verbs from (a) with the nouns from (b) below;

a) to acquire b) the efficiency

to become the law

to perform financial management

to present an audit

to reveal an opinion

to evaluate assurance

to comply with a basis

to oversee professional status

to conduct common

to express tests

to obtain the firm’s position

to provide practices

Exercise 9. Think of and write the verbs that are most commonly used with:

1. examination

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2. report

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3. enterprise

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4. professional status

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5. business

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6. financial position

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7. evaluation

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8. accounting system

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9. management

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10. budget

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11. expenditure programmes

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12. advantages

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Exercise 10. Read the text, filling each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary.