Absolute Financial English Julie Pratten | English for iw and Pree tit its} |DELTA Publishing Quince Cortage Hoe Lane Pesslake Surrey GUS 9SW England ‘www deltpublishing co.uk (© Jolie Praten 2008 “The right of lie Praten to be iened as author ofthis work has been ascrted by her in accordance with the Copyright, Designs and Patents Act, 1988, llrightsreserved. No reproduction, copy or trnsmsssion ofthis publication ‘may be made without writen permission from the publishers or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or unde the terms ‘of any licence permitting copying issued by the Copyright Licensing Agency, '90 Tortenham Court Road, London wir sie, First published 2008 diced by Carona Watson Brown, Designed by Caroline jos Cover design by Peter Bushell ‘Cartoons supplied by CartoonStock Audio production by lan Harker Printed in Mala by Melita Press ISBN 978+1-905085 28.6 Acknowledgments ‘The author and publisher gratefully acknowledge the following for permission to reproduce copyright mater: Page 1: adapted fiom How a goo balance shet helped met improve my busines ‘up: rudisiyant blogspot com/ 200801. 01_archive-html Page 15: adapted from I's tne totale accountants teretypes by Michael Sayer, ppblshed in Accountancy Age, 27th September 2007 age 23: adapted from The changing face of accounting by Anton 8. Van Wyk and ‘David G. Taylor, reprinted with permission from December 2004 issue of Internal Auditor, published by The Insitute of Internal Auditors, Ine. www thea. Page 3: adapted Som Choosing the right software, www justo. uk goide_ss him age 32: adapted from Choosing acountng sofwate by Steve Garret, Link Systems UK Page 41: adapted frm Investors shold lok beyond BRIC countries, ys PC report by Jason Goringe, Tax News.com, 10th March 2008 Page 42: adapted and licensed under the GNU Free Documentation Licence from ‘Wikipedia information age 49: adapted from Adobe Bfag Zalmosost(tjpaf Page $1: adapted fram Force accountant — detective, accountant, auditor or attorney? Dy Thomas Levanti, wwww.nysscpa.org/sound_advice/forensic_acc htm age 58 adapted from Why credic rating agencies Blew ste mystery soled, usp! /robertreich blogspot.com 2007 10/they mystery oF why erect rating hte ages -61: adapted from Ethel reportng principles, om the website of Business in the Community (www bite org.uk) age 61: adapted from Principles of accounting by Larry Walther age 62: adapted from The ethical lemme, published on the website ofthe SJames abies Centre, Sydney, Ausiralia age 6: adapted fron Aerial est for ncw CPAs: Ethics atthe gateway tthe profsion by Jacqueline A, Burke and jl D'Aquila reprinted from the CPA journal 2004 swith permission from the New York State Society of Certified Publie Accountants Page 66 adapted from An ethics quiz by John Raspante, published in eJournal of| Accountancy Online Page 69: adapted from webste of Central Bank of Tunisia Page 71: adapted and licensed under the GNU Free Documentation Licence from ‘Wikipedia information Page 73: adapted from Malaysia charges thre Transl accounting aud case by “Associated Press, 12th Jly 2005, Page 78: extract fom UK conorae fa Wkly to reord high 2008, published in ‘Accountancy Age Page 92: adapted from manual ORIGINAL GIMZOs0~ Accounting famework: general _priniples of surance asounting, Crown Copyright Pages 92-95: adapsed frors Phase Il of IFRS for insurance concracts~ TASB iseusion paper, reproduced with permission from Deloitte Page 9 (op): adapted from original statement by the Accounting Standards Board age 9 (bottom): adapted from Insurance sector pays thi highest corporate tax by nay Sukhrs, published in Accountancy Age, Sth October 2007 Page 101: adapted from Eetaondinary cumstances: the journey ofa conporae ‘whistleblower by Cynthia Cooper, published by Sequence Ine. Every effort has been made to contact copyright holders of material reprodicel in this book. Any omissions will be rectified in subsequent printings if notice is given tothe publisher.N w w o © 10 Contents Introduction About the ICFE exam Introduction to ICFE The financial environment Accounting systems Company performance Auditing Ethics Fraud Banking Insurance Bankruptcy Communication cards Fact sheets Useful abbreviations Language bank Audio transcripts Answer key 22 30 40 50 60 70 80 90 100 110 114 116 118 121 129