Ex.1. Study the following definitions. Make sure you understand them and can reproduce from memory.

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Ex.1. Study the following definitions. Make sure you understand them and can reproduce from memory.

Market all the potential customers for a product

marketing the identification of customer demand, and

the satisfaction of that demand by the development, distribution and exchange of goods and services

marketing research gathering, recording and analyzing of facts

related to marketing goods and services

consumer the person who uses the products or services

marketing concept the idea of fulfilling the needs of customer at a profit

marketing mix the combination of four marketing activities product

development, pricing, promotion and distribution

aimed at creating demand among the target market

Ex.2. Study the following additional definitions and translate them into your mother tongue:

product item a specific, unique product;

product line a group of similar types of product items

that are closely related;

product mix the total of all product items and product

lines offered for sale by a company;

brand a distinctive sign, trade-mark used to identify

a product or its manufacturer or dis­tributor;

wholesaler marketing intermediary that buys products from producers

and sell them to other wholesalers, retailers, or industrial


retailer marketing intermediary that sells directly to final


target market the market that appears most promising in

terms of highest and most probable profit margins

Ex 3. Find the following words and phrases in the text. Translate sentences containing them into your mother tongue.

Potential customers; to satisfy the needs of customers; to set the prices; the core of any marketing system; the right marketing mix; product strategy; life cycle; the costs and business expenses; current market price, distribution channel; a failure; promotion; sample; policy making.

Ex.4. Match the words in column one with their synonyms in column two:

goal charge, value

design specimen, pattern

price objective, aim

sample plan, project

to choose to produce, to turn out

to affect to improve, to add to the value

to manufacture to pick, to select

to enhance to influence, to touch


Read and memorize the following words and word combinations:

assets активи (балансу), майно, капітал fixed assets основні фонди, капітал

current assets поточні фонди, оборотні фонди

intangible assets нематеріальні активи

accounts recei to approve the budget затверджувати бюджет

to balance the budget підбивати баланс, (з)балансувати

budgeting master budget зведений фінансовий кошторис

operating budt bad debt losses збитки, витрати від не платежів

cash-flow forecast прогнозування грошового потоку

collecting payments збір платежів

expenditure of funds витрати фондів,капіталу

expenses (syn. spendings) витрати, видатки

inventory forecasting financial needs прогнозування фінансових потреб

ledger головна бухгалтерська книга

liability(ies) (to) meet requirements задовольнити, виконати потреби, вимоги

(to) obtain funds добувати,діставати фонди

outflow of funds витік, відплив капіталів, фондів

revenue(s) прибуток (річний), виручка

tax implication втягнення податків, збір податків

tax computation обчислення, розрахунок податків

(to) be under scrutiny of бути під ретельним наглядом virtually (syn. actually) фактично

What is Finance?

If you are going to start or run a small business, you must know that one of the hardest jobs is to find money when it is really needed. Unless you have rich relatives willing to contribute, you have to do a lot of searching for those needed funds, then you have to plan for their usage, to manage and to control them. You have to find the best way to get a true feel for finance.

Finance is the function in a business, in both the private and public sectors, that is responsible for obtaining funds for the firm and managing funds within it, that is preparing budgets, doing cash flow analyses, and planning for the expenditure of funds on such assets as plant, equipment, on promotion of a new product, and remuneration of staff. In every business, the careful consideration of the way in which funds are raised, and the monitoring of the way they are used is a vital aspect of the firm's operation. Most organizations have finance departments, or a manager in charge of financial operations. Among the functions a finance manager performs are:

- Planning - Collecting funds (Credit Management)

- Budgeting - Auditing

- Obtaining funds - Managing taxes

- Controlling funds - Advising top management on financial matters (or Funds Management)

The fundamental charge is to obtain money and then plan, use, and control money effectively.

You must be sure, that without a carefully calculated financial plan, the firm has little chance for survival. Financial planning involves an analysis of the short-and long-term money flows to and from the firm. The objective of financial planning is to optimize profits and make the best use of money. Financial planning involves three steps:

1) forecasting financial needs (financing daily operations, managing accounts receivable, the purchase of inventory and the purchase of major assets);

2) developing budgets to meet those needs;

3) establishing financial control to see how well the company is following the financial plans.

By forecasting financial needs we ask questions such as:

What business are we in and should we be in 5 years from now? How much money should we invest in automation and new equipment over the next decade?

A budget is a financial plan, that allocates resources based on projected revenues. There are usually several budgets established in a firm: an operating budget, a capital budget, a cash budget and a master budget.

Obtaining funds - is a very important finance function, because the amount of money needed for various tune periods and it's sources are fundamental questions in sound financial management.

Financial control means that the actual revenues, costs, and expenses are periodically reviewed and compared with projection.

In our day-to-day life we are familiar with such finance

functions as buying merchandise on credit and collecting payments from buyers. The major problem that arises with credit purchasing is that as much as 25 per cent of the firm's assets could be tied up in accounts receivable (to refresh your accounting memory, accounts receivable is money, owed to a business from customers who bought goods or services on credit). This outflow of funds causes financial managers to focus their attention on efficient collection overdue payments. Both credit and collection are important responsibilities of financial managers. They must be sure that the firm does not lose too much money to bad debt losses.

Managing taxes means analyzing of tax implications of various managerial decisions, and designing strategies to minimize the taxes paid by the business. The importance of tax responsibility of the management is constantly being increased because tax laws and tax liabilities have been changed and tax computation is under strict scrutiny of tax authorities.

Then comes auditing. Auditors (internal or independent) check on the journals, ledgers, and financial statements prepared by the accounting department to be sure that all transactions have been treated in accordance with established .accounting rules and procedures, and to measure a company's health.

And finally, financial people provide information and analyses to top management to assist them in decision making - advising top management on financial matters.

All these functions depend greatly on the information provided by the accounting statements.

Answer the following questions:

1. Explain the role and importance of finance.

2. Describe the responsibilities of financial managers.

3. Outline the steps in financial planning by explaining the process of forecasting financial needs, developing budgets, and establishing financial controls.

4. Name three finance functions important to the firm’s overall operations and performance?

5. What are the three primary financial problems that often cause firms to fail financially?

6. In what ways do short-term and long-term forecasting differ?

7. What does an internal auditor do? Why is it important that this function remain independent?

8. Can you identify the main types of budgets?

9. Money is said to have a time value. What exactly does it mean?

10. What sources can an entrepreneur go to in order to start up a new business?

11. How does a company calculate its needs for working capital?

12. How can a company improve its cash flow?

Exercises Word Study

Ex.1. Study the following definitions;

Capital- Money, property and assets used in a business

Capitalization- Value of a company based on its total

share value

Capital budget - The spending plan for assets whose re-

turns are expected to occur over an ex­tended period of time (more than 1 year)

Operating budget - The projection of national currency allocations

Master budget - The financial plan that summarizes the

operating, capital, and cash budgets

Financial control - A process that periodically compares

the actual revenue, costs, and expenses with projections

Cash-flow forecast - A prediction of cash inflows and out-

flows in future periods

Bad debts - People or firms that do not pay. Debts

which will not be paid

Sound company - Financially stable, strong company

Tax - Money charged by the government or an official body

to pay for services and to finance different state programmes

Transaction - Financial operation f exchange of goods or services

Ex.2. Study the following forms of the base word finance to extend your active vocabulary:

finance 1. Money used by a company

e.g. Where will we get the finance for this project?

2. To provide money for

e.g. The bank is going to finance the new project.

financial referring to finance

e.g. Financial position

financially to do with finance

e.g. The company is financially dependent on one shareholder

financier a person who lends large sums of money financing the process of providing money

Ex.3. Find the following words and phrases in the text. Translate sentences containing them into your mother tongue and make your own ones:

willing to contribute, to get a true feel for finance, obtaining funds, financial forecasting, accounts receivable, to meet needs, bad debt losses, tax implications, tax computation, to check on ledgers, to check up, financial statement.

Ex.4.Match the words in Column I with their antonyms in Column II:

Assets Losses

Revenues To spend money (to waste, to invest)

Profit Accounts payable

Cash-inflow To collect money

To raise funds Liabilities

Accounts receivable Cash-outflow

To credit, to lend, Expenditures (expenses)

to grant money Payments in advance

To own To borrow money

Overdue payments To owe

Ex.5. Match the words/expressions on the left with an appropri­ate combination on the right, to make an idiomatic phrase:

1. up-to-date a. figures, information, legislation

2. rough b. a true feel for finance

3.to run c. the limit

4.to get d. funds, space

5. close to e. in charge of finance

6.short of f. calculations, estimate, store

7. a manager g. a business, a plant, risk

8.our line of h. decisions, an agreement, a bargain, one's living

9.sound Ї. investment, currency, policy

10 . to make j. credit in the bank


Read and memorize the following words and word combinations:

accounting звітність; облік

account рахунок; звіт; стаття; рахунок

accountancy наука-бухгалтерський облік

accountant бухгалтер

Accounts=accounting department бухгалтерія

(to) attest to the accuracy свідчить про точність, bookkeeping рахівництво

bookkeeper рахівник

benefit вигода; вигідність; пільги;

coherent(manner) зв’язаний; узгоджений (спосіб) double-entry system система подвійного запису

depreciation знецінювання

dual impact (duality) подвійний вплив

entry(ies) вхідні дані, входження

effort зусилля; досягнення

employer наймач; працедавець

employee особа найманої праці; робітник

filing system схема реєстрації (рахунків)

(to) fall into підпадати; поділятися на

gross margin валовий прибуток(брутто)

ledger головна бухгалтерська книга,

liquidity ліквідність

(to) meet one’s needs задовольняти потреби

non-business organization на безоплатній основі

non-reciprocating basis бюджетна організація

performance виконання; діяльність

pertinent(documents) доречний

revenue прибуток (брутто); виручка

reward (ви)нагорода

sacrifice збиток (собі)

single-entry system проста бухгалтерія

sophisticated досвідчений; перекручений


Accounting and Bookkeeping

Today's finance divisions focus their attention on the ultimate needs of decision makers who use accounting information, whether those decision makers are inside or outside the business.

So, accounting is an information system that measures, records, identifies, summarizes and communicates financial information about an organization or other entity in order to help management to make correct informed decisions. An economic entity is a unit that exists in-dependently - for example, a business, a hospital, or a governmental body. Bookkeeping is the process of recording financial transactions and keeping financial records. Mechanical and repetitive, bookkeeping is only a small, but important, part of accounting. Accounting, on the other hand, includes the design of an information system that meets the users* needs. The major goals of accounting are the analysis, interpretation, and use of information. Accountants were among the earliest and most enthusiastic users of computers, an electronic tools that are used to collect, organize, and communicate vast amounts of information with great speed.

Personal record keeping often uses a simple single-entry system. in which amounts are recorded in column form. Such entries include the date of the transaction, its nature, and the amount of money involved. Record keeping of organizations, however, is based on a double-entry system, where each transaction is recorded on the basis of its dual impact That means that every economic event has two aspects (effort and reward, sacrifice and benefit, source and use) that balance each other. In the double-entry system, each transaction must be recorded with at least one debit and one credit, so that the total money amount of debits and the total money amount of credits equal each other. The whole system is always in balance. All accounting systems, no matter how sophisticated, are based on the principle of duality.

Information relating to the financial position of an enterprise is presented in a balance sheet, while operating results are displayed in an income statement. Data relating to an organization's liquidity and changes in its financial structure are shown in a statement of changes in financial position. Such financial statement are prepared to provide information about past performance, which in turn becomes a basis for readers to try to project what might happen in the future.

Accounting information can be classified into two categories: financial accounting or public information and managerial accounting or private information Financial accounting generates reports and communicates them to external decision makers (stockholders, creditors, customers, suppliers, regulatory commission, financial analysts) so that they can evaluate how well the business has achieved its goals. These reports are called financial statements, they relate to the financial position, liquidity (that is, ability to convert to cash), and profitability of an enterprise.

Managerial accounting provides internal decision makers who are charged with achieving the goals of profitability and liquidity with information about financing, investing, and operating activities. Managers and employees who conduct the activities of the business need information that tells them how they have done in the past and what they can expect in the future.

Of the various specialized areas of accounting that exist, the three most important are auditing, income taxation, and non business organization. Auditing is the examination, by an independent accountant, of the financial data, accounting records, business-documents and other pertinent documents of an organization; in order to attest to the accuracy of its financial statements. Large private and public enterprises sometimes also maintain an internal audit staff to conduct audit like examinations.

The second- specialized area of accounting is income taxation which deal with preparing an income-tax form. It is connected with collecting information and presenting data in a coherent manner. Therefore, both individuals and businesses frequently hire accountants to determine their taxes: although tax rules are not identical with accounting theory and practices, but many techniques of computing are common to both areas.

A third area of specialization in accounting is for non business organizations, such as universities, hospitals, government agencies. These organizations differ from business enterprises in that they receive resources on some non reciprocating basis (that is, without paying for such resources), they do not have a profit orientation, and they have no defined ownership interests as such. As a result, these organizations call for differences in record keeping, in accounting measurements, and in the format of their financial statements.

In the measurement of business transactions, large amounts of data are gathered. These data require a method of storage. This filing system consists of accounts. An accounting system has a separate account for each asset, each liability, and each component of owner's equity, including revenues and expenses. Whether a company keeps records by hand or by computer, management must be able to refer to accounts so that it can study the company's financial history and plan for the future. A very small company may need only a few dozen accounts; a multinational or a big one may need thousands.

In a manual accounting system, each account is kept on a separate page or card. These pages or cards are placed together in a book or file called the general ledger. In the computerized system that most companies have today, accounts are maintained on magnetic tapes or disks, but accountants still refer to the all-inclusive group of company accounts as the general ledger, or simply the ledger. A list of the numbers with corresponding account names is called a chart of accounts.

The people who use accounting information to make decisions fall into three categories:

1) those who manage a business: management;

2) those outside a business enterprise who have a direct financial interest in the business (investors, creditors);

3) those people, organizations, and agencies that have an indirect financial interest in the business (tax authorities, regulatory agencies, and other groups: financial analysts and advisers, brokers, lawyers, economists, customers).

Answer the following questions:

1. Why is accounting considered an information system?

2. What is the role of accounting in the decision-making process, and what broad business goals and activities does it help management to achieve and manage?

3. Distinguish between management accounting and financial accounting,

4. What is the difference between accounting and bookkeeping?

5. Use the terms «business transaction, money measure and separate entity)) in a single sentence that demonstrates their relevance to financial accounting.

6. Can you define assets, liabilities, and owners' equity?

7. Discuss the importance of professional ethics in the accounting profession.

8. Why are three issues (recognition, valuation, and classification)?

9. Can you name the five «accounts» of accounting and give two examples of items that go into those accounts?

10. Can you define accounting to a friend so that he or she would clearly understand what is involved?

11. Describe the chart of accounts and recognize commonly used accounts.

12. What is an account, and how is it related to the ledger?

13 Tell whether each of the following accounts is an assets account, a liability account, or an owner's equity account:

a. Notes Receivable e. Prepaid rent

b. Land f. Insurance Expense

c. Withdrawals g. Service Revenue

d. Bonds Payable h. Cash

14. Why is the system of recording entries called the double-entry system? What is significant about this system?

15. Double-entry bookkeeping refers to entering a transaction in both, the journal and the ledger. Will you comment on this statement?

16. «Debits are bad; credits are good)). Comment on this statement.

17. What are the rules of double-entry for: assets, liabilities, and

owner's equity?

18. Describe each of the following: account, journal, ledger, posting,


19. What does a trial balance prove?

20. Which specialized areas of accounting that exist are the most important?

21. Distinguish between auditing, income taxation, and non business organizations, the 3 most important specialized areas of accounting.

Exercises in Word Study

Ex.1. Study the following definitions:

Accounting system The methods used to record and

summarize accounting data into reports

Assets Economic resources owned by a firm,

such as land, buildings, machinery


Expenses Costs incurred in operating the business

such as rent, utilities, and salaries

Fundamental Assets = liabilities + owners' equity; it

accounting equation is the basis for the balance sheet

Gross margin(profit) Net sales minus cost of goods sold

Journals Recording devices used for the first re-

cording of all transactions

Ledger Recording device in which information

from accounting journals is categorized into homogeneous groups and posted so that managers can find all the information about one account in the same place

Liabilities Amounts owed by the organization to

others. Current liabilities are due in 1 year or less, long-term liabilities are not due within one year

Liquidity The ease with which an asset can be converted to cash

Net income Revenue minus expenses

Net sales Sales revenue minus discounts, returns,

and other adjustments made for customers

Owners' equity Assets minus liabilities

Private accountant Accountant who works for a single company

Public accountant Accountant who provides services for a fee to a number

companies; he can conduct independent audits

Revenue The value of what is received for goods

sold, services rendered, and other

Income statement Financial statement which reports revenues and expenses

over a specific pe­riod of time, showing the results of

operations during that period.

Trial balance Totaling all the debit balances and all

of the credit balances in the ledgers to be sure debits equal credits

Ex.2. Find the following words and phrases in the text. As you translate them, make up your own sentences using them and their equivalents (synonyms):

decision makers; to identify and communicate financial information; entity, to keep financial records; entries; double-entry system; to achieve smb's goals; to relate to; to be charged with; profitability and liquidity; to conduct; non-business organization; to deal with (smb) in (smth); non-reciprocating basis; valuation; filing system; fee; accounting equation; accrual; public accountant; CPA; accrued expenses (revenues); balance; chart of accounts; credit and debit.

Ex.3. Make up 5 or more sentences with:

a)to provide; to be provided for; to be provided in; to be provided by; provide with
smth; provided

b)due; in due course; duly; overdue; to be due to

c) to relate; related; relative; relating to; relationship; relation; relevant


1.Debit your account to correct credit entries covering related drafts drawn in US dollars.

2.We posted this entry to the fixed assets account relative to your instructions
contained in the attached letter.

3. On receipt of the relevant instructions we shall not fail to conduct negotiations.
I'm pleased to demonstrate our wish to consolidate the valued relationship between two companies.

Ex.4. Match the terms on the left with the descriptions on the right:

1.Bookkeeping a. Function of accounting


3.Measurement b. Often confused with accounting

4.Tax authorities

5.Computer c. User(s) of accounting information


7.Investors d. Organization that influences current practice-


9.Management e. Tool that facilitates the practice of accounting-

Ex.5. Tell whether each of the following words or phrases relates most closely to (a) a business transaction, (b) a separate entity, or (c )a money measure:

1. Partnership

2. Payment of an expense

3. Ukrainian hryvna

4. University

5. Sale of an asset

6. Bill of Exchange


Read and memorize the following words and word combinations:

audit перевірка, ревізія

auditing ревізування, проведення аудиту

auditor аудитор, ревізор, (фінансовий) adverse (opinion) несприятливий

ascertain упевнятися (нитися), пересвідчитися

accuracy точність, ретельність

authenticity достовірність, автентичність, carelessness недбальство

certified accountant бухгалтер, пройшов сертифікацію

competence здатність, компетентність

completeness закінченість, повнота

(in) conformity (with) підтверджується

credibility довіра

deviation відхилення

disclaim (of opinion) відмовити, заперечувати

distraction відволікання (увагу), розвага

(to) distinguish розрізнятися,

evaluation оцінка, вираження в числах

error помилка

(to the) extent (of) у розмірі

fairness відповідність, справедливість

fatigue утома, виснаження

fraud (to keep) шахрайство

(to) imply мати на увазі

irregularity невідповідність, безлад

judgement вирок, судження, думка, погляд

likewise теж, також, подібно

(to) maintain підтримувати,

misunderstanding непорозуміння,

on hand у розпорядженні, що є у продажу

opinion paragraph висновки, параграф висновок

payroll (system) платіжна відомість (система)

(to) preclude (to) prevent (theft) запобігати, попереджати

(to) review переглядати, проводити огляд

(to) safeguard охорона, пересторога, захист, smooth(ly) гладко, спокійно

theft крадіжка, розкрадання

(to be) vulnerable уразливий

unfavorable несприятливий, невигідний

undetected невиявлений


Audit is a systematic examination of a company's accounting system to determine whether the company's financial statements fairly present its operation.

Auditing is an accounting function that involves the review and, evaluation of financial records. If earlier the presence of an auditor suggested that a company had financial difficulties or that irregularities had been discovered in the records, at present time, however, outside audits are a normal and regular part of business practice.

The purpose of the audit is to ascertain that the financial statements have been prepared in accordance with generally accepted accounting principles .

The auditor's report does not preclude minor or immaterial errors in the financial statements. However it does imply that, on the whole investors and creditors can rely on those statements. Historically auditors have enjoyed a strong reputation for competence and independence. As a result, banks, investors, and creditors are willing to rely on an auditor's opinion when deciding to invest in a company or to make loans to a firm that has been audited.

We distinguish two types of audit: internal audit (a review and evaluation of a company's financial records by accountants of the same company) and independent audit (an audit performed by someone from outside the organization).

Many companies employ their own accountants to maintain an internal audit, but those companies that do not conduct an internal audit need to maintain a system of internal control. Internal control has traditionally been defined as all the policies and procedures management uses to protect the firm's assets and to ensure the accuracy and reliability of the accounting records. As long as control procedures are performed by people, the internal control system is vulnerable to human error. Errors may arise from misunderstanding, mistakes in judgment, carelessness, distraction, or fatigue. Sound internal control procedures are needed in all aspects of a business, but particularly when assets are involved. Assets are especially vulnerable when they enter or lave a business. When sales are made, for example, cash or other assets enter the business, and goods or services leave the business. Procedures must be set up to prevent theft during those transactions. Likewise, purchases of assets and payments of liabilities must be controlled. The majority of those transactions can be safeguarded by adequate purchasing and payroll systems. In, addition, assets on hand, as cash, investments, inventory, plant, and equipment, must be protected. For example, cash payments for sales of goods and services can be received by bank transfer, mail or over the counter in the form of checks or currency. Whatever the source of the payment, cask should be recorded immediately upon receipt. This is usually done making an entry in a cash receipts journals.

Internal auditors continuously review operating procedures and financial records and report to management on the current state of the company's fiscal affairs. These accountants also report on any deviations from standard operating procedures; that is, the company's established methods for carrying on its operating and recording functions. The internal auditors also make suggestions to management for improvements in the standard operating procedures. Finally, they check the accounting records in regard to completeness and accuracy making sure that all irregularities are corrected. Thus, the internal auditors seek to ensure that the various departments of the company follow the policies and procedures established by the management.

The auditor's judgment or opinion on the fairness of the records contained in a document sent to the client upon completion of the audit. It consists of a letter addressed to the client that contains both a scope paragraph and an opinion paragraph. Usually such a report is short but its language very important.

1. The first paragraph identifies the financial statements subject to the auditor's report. It also identifies responsibilities. Company management is responsible for the financial statements, and the auditor is responsible for expressing an opinion on the financial statements based on the audit. In addition to the extent of the audit, the scope paragraph also states the standards that have been used for the audit. They cover technical competence, independence of attitude, and reporting standards.

2. The second paragraph, or scope paragraph, states that the examination was made in accordance with generally accepted auditing standards. The auditor states that he has examined the balance sheet, the statement of operations an other statements for the accounting period. This is called a complete examination because it includes all accounts in the general ledger. The scope section also contains a brief description of the objectives and nature of the audit.

3. The third paragraph, or opinion one, states the results of the auditors' examination. The use of the word «opinion» is very important because the auditors do not certify or guarantee that the statements are absolutely correct. The opinion paragraph can express several different opinions: unqualified opinion, qualified opinion, disclaimer of opinion, and adverse opinion. Nowadays it is generally accepted that every business should be audited. Auditors can help the business set up a reliable accounting system and advice management on financial matters.

Answer the following questions:

1. What does the auditing function of accounting involve?

2. How has the attitude toward auditing changed in modem times?

3. What kind of system for checking on operating and recording jobs is maintained by many organizations? What business papers are used in this kind of system?

4. What types of audit do we distinguish?

5. What are the various functions of internal auditors? What do they try to ensure?

6. What different emphases can be placed on an internal auditor's report?

7. What weakness exists in the internal auditing system? How can management overcome this problem?

8. Who can carry out an independent audit?

9. What do the independent auditors review?

10.What do they seek to determine?

11 .In what way do they express their opinion to their clients?

12.What does a complete examination consist of?

13.What is stated in the scope paragraph in addition to the extent of the audit?

14.What must an independent auditor who examines a company's records follow?

15. What is usually included in the auditor's report?

16. What are the auditor’s opinion usually based on?

17. What are the different categories of opinion that an auditor can reach about an organization's financial records?

Exercises in word study:

Ex.1. Find the following words and phrases in the text, translate sentences containing them into your mother tongue. Make up your own sentences:

to present company's operations fairly; irregularities in the records; to be satisfied that accounting standard has been met; to enjoy a strong reputation for competence and independence; internal audit; independent audit; a system of internal control; to protect the firm's assets; to ensure to accuracy and reliability of the accounting records; control procedures; to be vulnerable to human error; misunderstanding; sound internal control procedures; to be safeguarded; deviations from; canceled checks; payroll records; cash receipts records; to keep fraud from going undetected; fairness; scope and opinion paragraphs.

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