AUDITORS AND THEIR REPORTS

I. Read and translate the text.

 

Auditors are usually independent certified accountants who review the financial records of a company. These reviews are called audits. They are usually performed at fixed intervals – quarterly, semiannually or annually. Auditors are employed either regularly or on a part-time basic. Some large companies maintain a continuous internal audit by their own accounting departments. These auditors are called internal auditors.

Not so many years ago the presence of an auditor suggested that a company was having financial difficulties or that irregularities had been discovered in the records. Currently, however, outside audits are a normal and regular part of business practice.

Auditors see that current transactions are reordered.

II. Retell the text.

TAXES AND TAXATION

I. Study the vocabulary:

tax, charge податок

value-added tax (VAT) ПДВ

paytroll tax податок на зарплату

import charge податок на імпорт

tax of turnover податок на оборот

purchase tax податок на купівлю

profit tax податок на прибуток

income tax подоходный налог

pay taxes сплачувати податки

to tax обкладати податком

increase taxes підвищувати податки

reduce taxes знижувати податки

II. Read and translate the text.

Taxation is a system of compulsory contributions levied by a government on persons, business, and property used as a source for government expenses and others public purposes.

Fiscal policy means government efforts to keep the economy stable by increasing or decreasing taxes or government spending. For many years, the government tries to raise taxes to fund more and more social and defense programs. Besides, government at every level is financed through the collection of taxes. So, the need in money is big.

Under state and local laws, businesses and individuals pay many kinds of taxes: state and city income taxes (individuals pay graduated income taxes), social insurance and other paytroll taxes, employment taxes, real-estate taxes. Businesses pay taxes on profits and capital, turnover taxes, export/import taxes, excise taxes, sales taxes and, of course, value-added taxes.

Managering taxes mean tax implications of all financial transactions. Every business tries to minimize its taxes, so tax accounting has developed into one of the most important branches of accounting throughout the world. On the other hand, tax computation is under strict scrutiny of Tax Administration.