Ex. 11. Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences and present your summary in class

Independent Auditors' Report to the Board of Directors and Stockholders of_______Company

We have audited the consolidated balance sheets of ______ Company and Subsidiaries at December 31,... and... (years) and the related consolidated statements of income, stockholders' equity and cash flows for each of the years in the period ended December 31,... (year).

Respective_______of directors and auditors are as follows: the company directors are responsible for the preparation of financial _______; our responsibility is to form an independent______based on our audit of these statements and to report our opinion to you.

Basis of opinion. We conducted our________in accordance with generally accepted auditing ________. Our audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the________in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed:

We planned and ________ our audit so as to obtain all the information and explanations which we considered________in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are_________from material misstatements, whether caused by fraud or other irregularity or error. In_______ our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our ________provides a reasonable basis for our opinion.

Opinion. In our _______ the financial statements referred to above give a true and fair_______ _ of the consolidated financial position of________Company and Subsidiaries at December 31,... (year) and have been properly prepared in________with generally accepted accounting principles and the Company Act 1985.

Words you may need:

disclosure n отражение (информации в финансовой отчетности)

fraud n обман, мошенничество