ICFE
International Certificate in Financial English
(Международный сертификат (о знании) финансового английского)
ICFE - новый международный кембриджский экзамен. Он разработан Кембриджским Синдикатом совместно с Ассоциацией дипломированных бухгалтеров (ACCA), для оценки знанияй английского в области финансов и бухгалтерии.
Экзамен соответствует уровню - , согласно , установленной Советом Европы. Успешная сдача данного экзамена (оценка C1) служит доказательством владения английским языком на профессиональном уровне и дает возможность обучения на академическом курсе в университете. Он соответствует уровню FCE, CAE и баллам 5,5 - 7,00 экзамена IELTS.
В основу экзамена положены реальные ситуации, которые могут возникнуть в процессе работы: проведение презентаций, переговоры, работа с финансовыми документами, ведение деловой переписки.
Структура экзамена:
| Название раздела | Содержание | Время | Оценка (% от общей) |
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| 1. Чтение | 54 вопроса | 1 час 15 минут | 25%
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| 2. Письменная часть | 1 час 15 минут | 1 час 15 минут | 25%
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| 3. Аудирование | 4 части | 40 минут | 25%
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| 4. Устная часть | 4 части | 16 минут | 25%
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1. ЧТЕНИЕ
Шесть заданий: три теста на чтение и три теста на использование английского языка. Тексты в тесте даны из журналов, книг и статей, связанных с финансированием и бухгалтерским учетом.
2. ПИСЬМЕННАЯ ЧАСТЬ
2 задания.
- В первом задании надо написать ответ на полученное деловое письмо. Объем 120 – 180 слов. Это задание - 40 % оценки этой части теста,
- Второе задание – написать сообщение или деловое предложение из 200 - 250 слов, для клиента или другого отдела в пределах Вашей компании. Оценка за задание составляет 60% оценки письменной части теста.
Четыре части. Каждую часть Вы услышите дважды. Выдается тридцать вопросов на бумаге, каждый вопрос дает один балл.
- Первая часть состоит из трех коротких текстов (например, часть газетной статьи) с двумя альтернативными вопросами о каждом из них.
- Вторая часть это обсуждение или интервью между двумя собеседниками об аспектах их работы в финансовой сфере. К ней предоставляются пять альтернативных вопросов
- Третья часть это монолог на тему работы в компании, состоит из девяти предложений с промежутками, которые Вы должны закончить или заполнить использую не более трех слов.
- Часть четвертая состоит из прослушивания пяти различных людей, рассказывающих о своей работе или исследованиях в финансах или бухгалтерском учете. Поставлены две задачи, сосредоточенные на аспектах того, что рассказывает каждый говорящий (спикер), например, о проблеме, которая возникла на работе и как он решил эту проблему. Вы должны отметить соответствующие предложения или короткие фразы для каждого говорящего (спикера) и для каждой задачи.
Обычно на экзамене присутствуют 2 экзаменатора и 2 кандидата.
- Знакомство, беседа между экзаменатором и кандидатом
- Каждый кандидат должен выбрать 1 из 3 тем и сделать по ней маленький доклад (презентацию) на 1 мин. Затем то же самое задание выполняет другой кандидат. В конце кандидатам предлагают задать друг другу вопросы, побеседовать на выбранные темы.
- Кандидатам дают определенную тему. Как правило, Вы читает о финансовом состоянии определенной компании, или эта компания собирается заключать важную сделку. Ваша задача – дать совет в данной ситуации, рассмотреть плюсы-минусы. Как правило, в обсуждение включается экзаменатор.
- Продолжение обсуждения темы, затронутой в части 3 в более широком аспекте.
финансовая отчетность, страхование, инвестиционно-банковская деятельность, этика и профессионализм, бухгалтерское программное обеспечение, активы и оценки компании, приобретения и слияния компаний.
ОЦЕНКИ
Каждая из 4 частей экзамена оценивается в 50 баллов. Письменные работы направляются для изучения и оценки в Кембриджскую экзаменационную комиссии в Великобритании, устная часть оценивается экзаменаторами сразу же после тестирования. Оценка выставляется через 6 недель после прохождения экзамена. Все кандидаты получают письменное уведомление относительно результатов по каждой части экзамена. Кандидаты, успешно сдавшие экзамен, получают сертификат Кембриджского Университета.
Существует 5 вариантов оценки. Если Вы сдали экзамен, то Ваша оценка может быть:
- C1 Pass with Merit (соответствует уровню Advanced) (80-100%)
- C1 Pass (70-79%)
- B2 Pass (соответствует уровню Upper-intermediate). (50-69%)
- Если Вы не сдали экзамен:
- Narrow Fail (45-49%)
- Fail. (0-44%)
ПОДГОТОВКА К ЭКЗАМЕНУ
Рекомендуемая продолжительность стандартной программы обучение составляет от 30 академических часов, однако количество часов может быть изменено в зависимости от начального уровня подготовки слушателей. Минимальная продолжительность занятия 2 академических часа.Наша школа предлагает индивидуальный и групповой курс подготовки к экзамену. Кроме этого в нашей школе перед экзаменом Вы можете сдать пробный экзамен.
ГДЕ МОЖНО СДАТЬ ЭКЗАМЕН
По всему миру существует более 2000 центров в 130 странах, где принимается экзамен. В России его можно сдать в одном из 31 центров Кембриджского университета, расположенных в крупных городах. В Москве таких центров пока 8, но с каждым годом их количество растет.ПРИМЕРЫ ЗАДАНИЙ:
Test of Reading
Part 1A
Questions 1 – 6
Read the following extract from an article about accounting ratios.
Choose the best word to fill each gap from A, B, C or D below.
For each question 1 – 6, mark one letter (A, B, C or D) on your answer sheet.
There is an example at the beginning (0).
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FINANCIAL STATEMENTS AND PROFITABILITY RATIOS The financial statements of a business provide important information for people outside the business who do not (0) ........... access to the internal accounts. For example, existing and (1) .......... shareholders can see how much profit a business made, the value of its assets and the level of cash (2) .......... . Although these figures are useful, they do not mean a great deal by themselves. In order to (3) .......... any real sense of the figures in the final accounts, they need to be properly analysed using accounting ratios and then (4) .......... with either the previous year’s ratios or against averages for the industry. The profitability of a company is important and a key (5) .......... of its success. In the profit and loss account the figures shown for gross profit and net profit mean very little by themselves. However, by (6) .......... them as a percentage of sales they become much more useful. The figures can then be evaluated against those of previous years, or with those of similar companies.
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Example:
0 A hold B have C grant D keep |
1 A eventual B promising C aspiring D potential
2 A reserves B stocks C quantities D stores
3 A reach B find C take D make
4 A differentiated B opposed C compared D balanced
5 A measure B evidence C mark D proof
6 A indicating B expressing C outlining D pronouncing
Part 1B
Questions 7 – 12
Read the following article about the use of graphs in annual reports.
Choose the best word to fill each gap from A, B, C or D below.
For each question 7 – 12, mark one letter (A, B, C or D) on your answer sheet.
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GRAPHS IN ANNUAL REPORTS
Increasing attention is being paid to the visual (7) .......... of corporate annual reports – the charts, photographs and graphs. Academics and practitioners alike (8) .......... the immense power of good visuals in the communication process – a well-designed graph is worth a thousand words. The existence of graphs of key financial (9) .......... in corporate annual reports is a critical element of communication with stakeholders, especially non-experts. But graphs are not formally audited and there is the potential for graphs to be (10) .......... so that they give too positive a picture of a company’s fortunes. A recent study has provided evidence that those responsible for annual reports consciously or unconsciously do indeed select graphical designs that tend to convey a more favourable impression than is (11) .......... . We, therefore, urge those who prepare reports to pay close attention to the basic principles of graph design and to seek clarity of meaning, before users lose (12) .......... in the graphs displayed. |
7 A components B factors C constituents D facets
8 A conclude B distinguish C declare D appreciate
9 A transformations B variables C permutations D varieties
10 A manipulated B influenced C controlled D operated
11 A entitled B rated C warranted D earned
12 A assurance B confidence C belief D conviction
Part 2
Questions 13 – 24
Read the following extract from an article about evaluating company performance.
Think of the best word to fill each gap.
For each question 13 – 24, write one word in CAPITAL LETTERS on your answer sheet.
There is an example at the beginning (0).
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EVALUATING COMPANY PERFORMANCE It is clear that (0) …….... is a need for companies in both the public and private sectors to develop appropriate performance measures. Setting performance targets and then evaluating achievements against these targets should provide a basis (13) …….... improved management. It is important that these measures are not concerned simply (14) …….... financial issues. However, many difficulties will confront anyone (15) …….... is tasked with developing a system aimed (16) …….... setting up such targets. For example, the way in (17) …….... objectives are set can present serious problems. In many cases, objectives are (18) …….... vaguely drafted that useful performance measures can rarely (19) …….... developed. Also, there is the difficulty of measuring quality, where the danger is that quantity rather (20) …….... quality is emphasised, because, in almost (21) …….... cases, quantity is easier to evaluate. Therefore, we get a somewhat distorted picture (22) …….... easily measurable aspects of performance take precedence over those that are more difficult to measure. (23) …….... the importance of evaluating performance is recognised, the difficulties involved should not be overlooked. An awareness of these difficulties and an understanding of their possible impact should, however, lead (24) …….... the development of more effective and better balanced systems. |
Part 3A
Questions 25 – 30
Read the following introduction to a book about international standards of accounting.
Use the words in the box to the right of the text to form one word that fits in the same numbered gap in the text.
For each question 25 – 30, write the new word in CAPITAL LETTERS on your answer sheet.
There is an example at the beginning (0).
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L |
O |
P |
M |
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IMPLEMENTING INTERNATIONAL STANDARDS A financial reporting system supported by strong governance, high-quality standards and sound regulatory frameworks is key to economic (0) ………. . Indeed, high quality standards of financial reporting, auditing and ethics underpin the trust that investors place in financial and non-financial information and, thus, play an integral role in a country’s economic growth and financial (25) ………. . As the forces of (26) ………. prompt more and more countries to open their doors to foreign investment, and as business (27) ………. across borders becomes common, both the public and private sectors are (28) ………. recognising the benefits of having a widely understood financial framework supported by strong, globally accepted auditing standards. The benefits of a global financial reporting framework are numerous and include: greater comparability of financial information for investors; greater (29) ………. on the part of investors to invest across borders; lower cost of capital; greater (30) ………. in the allocation of resources; and higher economic growth.
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0 DEVELOP 25 STABLE 26 GLOBAL 27 EXPAND 28 INCREASE 29 WILLING 30 EFFICIENT |
Part 3B
Questions 31 – 36
Read the following extract from a website about the future of accountancy.
Use the words in the box to the right of the text to form one word that fits in the same numbered gap
in the text.
For each question 31 – 36, write the new word in CAPITAL LETTERS on your answer sheet.
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THE FUTURE FOR ACCOUNTANCY
The profession’s future is certain to be more structured, ever more governed by global standards and under more scrutiny from a (31) ………. of national and international bodies. Therefore accountants, particularly those working in small and medium practices, must change their mindset. They must start leading change; embrace (32) ………. ; continuously improve their skills; invest in technology and demonstrate a fundamental (33) ………. to professional ethics. Audit will be subjected to unprecedented scrutiny and auditors will have to expect to report on the (34) ………. of their judgement and their lack of bias. Auditors will have to expect that they will be reporting on an organisation’s internal control (35) ………. , but will also have to move rapidly to include detection of fraud as part of their audit report, otherwise markets will remain (36) ………. about the value of audit. |
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31 VARY 32 INNOVATE 33 COMMIT 34 DEPENDENT 35 PROCEED 36 SCEPTIC |
Part 4
Questions 37 – 42
Read the questions below and the extract on the opposite page from an article discussing the value of
an MBA qualification for accountants.
Which section (A, B, C or D) does each question 37 – 42 refer to?
For each question 37 – 42, mark one letter (A, B, C or D) on your answer sheet.
You will need to use some of these letters more than once.
There is an example at the beginning (0).
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Example: 8
0 The type of work that people in accountancy undertake is changing.
0 A B C D |
37 Some people want to do an MBA because they do not already have a university degree.
38 An MBA can help people working in finance not to rely on purely numerical information.
39 People on an MBA course engage in practical as well as academic learning.
40 Possessing an MBA does not automatically lead to promotion.
41 An important part of doing an MBA is the contacts made on the course.
42 Where you take an MBA is of considerable importance.
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IS IT WORTH ACCOUNTANTS STUDYING FOR AN MBA? A As a business qualification the MBA (Master of Business Administration) degree has immense appeal to accountants. It is a highly respected qualification that can open many doors to the employment market, which were previously firmly shut. In general, business schools aim to provide MBA programmes that offer students from all backgrounds a thorough knowledge of the mechanics of management theory, encompassing human resources, finance, operations management, marketing and information systems. Lectures are coupled with regular group discussions, case studies and simulations.
B Jane Baldwin, head of training with a large accountancy firm, is under no illusion that the market place for financial services is experiencing a period of transformation. ‘No-one can stand still. As accountants, we’ve got to continue to develop our knowledge and skills. An MBA from any business school will equip graduates with a business element, a specialist element, and also help them to develop their interpersonal skills because the work that is done is not just as an individual but as a team as well,’ says Baldwin. She also cites networking as a distinct advantage of an MBA programme.
C As managing director of an international recruitment consultancy for finance professionals, Graham Simpson, however, has reservations about the importance of an MBA in the employment market. ‘A lot of accountants ask us whether they should study for an MBA,’ he begins. ‘I would say that a number of them want to go for an MBA to compensate for some inadequacy they perceive themselves as having in the employment market.’ The inadequacy he is referring to is the lack of a graduate qualification. Simpson admits that an MBA does have some value, but argues that the status of the business school is much more likely to get you a job than the MBA itself.
D Someone who has recently completed an MBA is Michael Taylor, an international corporate tax specialist. Taylor chose to study for an MBA for the sake of his own personal development. Although he was recently made head of his department, he admits that, in his line of work, an MBA would not greatly enhance career progression. That said, he stresses that his studies enable him to empathise with his clients and offer a better service. ‘I feel that taking an MBA prevents one from taking too narrow a view of one’s professional duties. Having an MBA has allowed me to move away from just dealing with figures. If I use figures to back up what I say, then that’s fine; but it doesn’t matter if I don’t as the qualitative issues may well be more important.’ |
Part 5
Questions 43 – 48
Read the following article on investigative due diligence and non-financial risk.
Choose the best sentence from the opposite page to fill each of the gaps.
For each gap 43 – 48, mark one letter (A – H) on your answer sheet.
Do not use any letter more than once.
There is one extra sentence which you do not need to use.
There is an example at the beginning (0).
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INVESTIGATIVE DUE DILIGENCE AND NON-FINANCIAL RISK Recent public disclosures of corporate fraud, unexpected company failure and business malpractice and corruption among well-known multinational companies highlight the need for transparency and solid understanding of the major risk from ‘off balance sheet’ issues. (0) ................ . This is especially true in areas where reliable, accurate business information is often unavailable and where a heavy reliance is placed on personal relationships and consequently on personal integrity. Managers are under considerable pressure to move to emerging markets and locations where core costs can apparently be reduced. But the evidence is that, in many such cases, key decisions are made based on incomplete or poor quality information, especially as regards people and politics. When companies are considering a possible business partner, it is important that they know and understand the risks involved and how to eliminate, or at least minimise them. (43) ................ . Its specific goals are to unmask misrepresentation, reveal the undisclosed, clarify who you are dealing with and assess associated political and security risks. Common problems that companies face include being overcharged for raw materials, billing discrepancies, unauthorised disposal of materials, fraudulent staff welfare claims and dummy employees, high transaction costs and other corrupt practices. (44) ................ . The key focus must be the people and entities involved in any potential transaction or joint venture: their background, reputation, track record and litigation history must be investigated. Today there are many new entrepreneurs who have excellent qualifications, skills and connections. (45) ................Investigative due diligence involves the collection, collation and analysis of information from a wide variety of sources. (46) ................ . This research should be supplemented by in-depth and discreet investigative field enquiries. The minimum that should be achieved through this is a thorough understanding of the actual corporate structure and the background and current activities of the professional management, key officers, shareholders and subsidiaries. Additionally, it will bring to light detailed information on the character, integrity and reputation of key individuals, as well as the company’s reputation with associates in the same industry and its level of political support. (47) ................ . Other undisclosed issues, such as the use of ‘sweatshop’ labour or significant environmental issues that could lead to future losses or difficulties with licensing or permits, should also emerge. Often these enquiries provide a completely different perspective from their conventional counterpart. Off balance sheet risk is manageable if companies are willing to adopt a robust approach to due diligence. Negative findings need not be a deal killer. (48) ................ . Due diligence is particularly cost-effective when undertaken early on in the deal-making process and not as an afterthought. It will identify issues to be addressed before committing to investing considerable financial expenditure and management resources. |
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Example: 0 A B C D E F G H
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A To do this, they cannot just rely on introductions and meetings with middlemen, there has to
be a process of investigative due diligence.
B Such information can offer opportunities for more favourable terms to be negotiated and
contracts structured to mitigate the risks identified.
C As a result of this, it should be possible to identify any liabilities which do not appear on the
balance sheet.
D To avoid pitfalls such as these, it is critical that companies examine more than spreadsheets
and legal documents.
E It fails in its aim to identify business and political risks that are not visible or obvious.
F However, this is not true of all of them and the lesson from many financial disasters is that it
is vital to know the genuine people in business.
G It starts with extensive multilingual data mining of publicly available material – specialist
trade publications, online resources, media, public records, and corporate filings.
H Such high profile cases mean that investors worldwide are discovering the danger of relying
solely on audit reports and certified statements in making investment decisions.
Part 6
Questions 49 – 54
Read the following extract from a text about budgeting and the questions on the opposite page.
For each question 49 – 54, mark one letter (A, B, C or D) on your answer sheet for the answer you
choose.
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COMPANY BUDGETS Most senior executives know that the competitive battles ahead will involve not only ensuring that their company gets better at what it does, but is also different from others. To achieve this they need talented managers who can produce more imaginative strategies for growth and improvement, make faster decisions, be more flexible, be better prepared to anticipate threats and opportunities, and who can consistently improve quality and customer satisfaction. To this list you can add any number of other key competitive issues that are becoming more important as the service economy gathers speed. But executives also know that none of these aspirations are attainable without changing the way the business is run. While most companies have tried to address these issues by reducing management layers and focusing on the customer, few have been successful. One of the reasons is the inability to shift the management philosophy from one of top-down control to bottom-up empowerment. It is because budgets are most commonly used by organisations to exercise control that they are at the centre of this thorny issue. Budgets are, in effect, barriers to change and fail to do well what most managers think they do well – that is, provide order and control. They are barriers for many reasons. Firstly, they reinforce the command-and-control management model and thus undermine attempts at organisational change, such as delegation and empowerment. In addition, they tend to set a ceiling on growth potential and a floor for cost reductions, thus stifling real improvement breakthroughs. Strong brands, skilled people, excellent management processes, strong leadership, and loyal customers are assets that are outside the measurement orbit of the accounting system. Budgets are typically extrapolations of existing trends, with little attention being paid to anticipatory models. What is more, they act as barriers to exploiting co-operation across the business units. If asked why we use budgets, most managers would probably answer, ‘to set targets and control business operations’. But budgets evolved in the 1920s to help growing businesses manage their capital resources and plan their cash requirements. It was not until the 1960s that budgets were used to set targets, control operations and evaluate managerial performance. While planning remains an important part of the management process, it is widely believed that setting targets and controlling and evaluating performance using budgets is fundamentally flawed because it directs managerial behaviour towards achieving predetermined financial targets rather than harnessing the energy of people at all levels towards continuously improving competitive strategies and customer-oriented processes. So, if existing budgeting systems have such crucial weaknesses, why do we still rely on them? In fact, accountants have tried to improve them. Zero-based budgeting and activity-based budgeting represent valiant efforts to update the process, but they tend to be complex project-driven approaches that fail to evolve into standard management practices. Basically, though, budgeting has not changed because it is a part of unchallenged tradition. Some companies are re-engineering their budgeting processes to make them faster and cheaper, but such an approach fails the test, as it leaves the behavioural weaknesses in place. What does all this mean for the role of management accountants? Many accountants now accept that setting fixed financial targets and measuring performance against them makes little sense when the competitive environment is subject to continuous change. Plans and strategies need to unfold continuously as new knowledge emerges. Above all, management accountancy should be concerned with the future and ensuring that the right questions are asked and the right decisions are taken that add maximum long-term value. It is hard, though, to see how these changes can be managed successfully while leaving the current budgeting system in place. |
49 To deal with the competition they are likely to meet in the future, companies should look
for managers who will
A recognise and reward talented people.
B bring considerable experience to the job.
C respond immediately to financial difficulties.
D take a creative approach to developing the business.
50 According to the second paragraph, why have companies failed in their response to key
competitive issues?
A Authority for decision-making is too restricted.
B Customer needs are not given sufficient priority.
C There are too many layers of management.
D Budgets are not adequately monitored.
51 One problem resulting from the way budgets are usually set is that
A they give too optimistic a view of a company’s growth potential.
B they allow staff to avoid taking responsibility for their decisions.
C they tend to produce too many targets for the workforce to meet.
D they limit innovative behaviour because they focus on past experience.
52 According to the writer, changes in the use of budgets since the 1960s have prevented
managers from
A giving enough time to planning.
B concentrating on motivating the workforce.
C working out realistic targets.
D assessing the competence of their employees.
53 According to the writer, why have new budgeting systems not been widely adopted?
A Traditional systems are relatively easy to operate.
B New systems have proved slow and expensive.
C Traditional systems are part of accepted practice.
D New systems have proved unpopular with managers.
54 According to the final paragraph, many management accountants now believe that
A companies should be prepared to modify their strategies.
B budgeting should not influence management decisions.
C too many company decisions are taken with a short-term view.
D targets should reflect recent trends in an industry sector.
Test of Writing
Part 1
Question 1
You must answer this question.
You work for a firm of accountants. One of your clients, PDT Construction, has applied for a loan to purchase and develop an industrial site. You have received the following letter from PDT
Construction’s bank.
Read the letter from Lars Fleming, an Account Manager at the bank, on which you have already made some notes. Then, using all the information in your notes, write to the bank on behalf of your client, PDT Construction.
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We have recently received a loan application to purchase an industrial site from a mutual client, PDT Construction. However, before we can process the application, we require further information on some points. Firstly, in the breakdown of costs for the project we cannot find any reference to architects’ fees. Can you explain this? (we use in-house staff) In addition, although we requested company figures for the last five years we have only received accounts for the past four years. Why is this? (Give reason)
The funding for the project is also not clear to us. PDT Construction have requested a loan from this bank for only 65% of the total investment. We need to know where (Explain) the remaining 35% will come from.
Finally, a representative from our bank has looked at the site and the bank is concerned that the purchase price for the site may be too high. (Disagree –say why)
I look forward to hearing from you. (Suggest a meeting to discuss)
Yours sincerely,
Lars Fleming Account Manager
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Write a letter of between 120 and 180 words in an appropriate style on the opposite page.
Do not write any postal addresses.
Question 2
You must answer this question.
You work for an accountancy firm and one of your clients is a small airline. This airline is considering purchasing a new aircraft within the next twelve months to expand its operations. The airline hasasked your firm for advice concerning this purchase and you have considered the airline’s financial position.
Write a report for the airline. Your report should:
• explain which internal financial indicators most accurately show the financial position of this airline
• summarise the airline’s current financial position
• outline what risks there would be in expansion
• advise the airline on what steps to take next.
Write your answer in 200 – 250 words in an appropriate style on the following pages.
Test of Listening
Part 1
Questions 1 – 6
You will hear three different extracts.
For questions 1 – 6, mark one letter (A, B or C) for the correct answer.
There are two questions for each extract. You will hear each extract twice.
Extract One
You will hear a financial analyst talking on a radio programme.
1 What is going to be the focus of today’s programme?
A measuring the performance of companies before mergers
B identifying the companies most likely to be involved in mergers
C analysing why financial institutions are encouraging mergers
2 What is the speaker’s view about the prospect of more cross-border mergers?
A She has an open mind about how well they will work.
B She doubts that there will be as many as people think.
C She regards them as a positive development at this time.
Extract Two
You will hear an accountant asking an IT consultant for advice about software packages.
3 Why does the consultant advise the accountant not to buy a tailored software package?
A The lack of training materials will cause him problems.
B Some parts of the product will not have been tested.
C Development of the software is likely to take too long.
4 According to the consultant, why do producers dislike tailoring software?
A It may be difficult to provide adequate technical support.
B The profit margins are lower than on standard software.
C Tailored software is too expensive for most potential customers.
Extract Three
You will hear an accountant giving advice to a group of people who are thinking of starting small businesses.
5 The speaker says that the most important source of information about the reputation of an
accountancy firm is
A the internet.
B the firm’s previous clients.
C financial institutions.
6 In the speaker’s opinion, new small enterprises should begin by approaching accountancy
firms which
A are similar in scale.
B offer free help with business planning.
C are able to provide a personalised service.
Part 2
Questions 7 – 11
You will hear a conversation between two colleagues, Mark and Julia, about a seminar on Intellectual Property (IP) Rights which Julia has attended.
For questions 7 – 11, choose the best answer (A, B or C).
You will hear the recording twice.
7 According to Julia, the best way for a company to maintain high IP value is by
A retaining its best staff.
B setting up good internal systems.
C having a flourishing research culture.
8 According to the seminar speaker, an IP valuation is most often requested when
A people want to sell their stake in a company.
B one company wants to take over another.
C a company wants to float on the stock exchange.
9 According to the seminar speaker, what tends to be the attitude of financiers to companies
with IP assets?
A They charge them much higher interest rates on loans.
B They avoid lending them large amounts of money.
C They carry out more thorough checks before lending to them.
10 Julia believes that existing trademark legislation is not helpful with IP because
A it hasn’t been updated.
B it is restricted to other types of company assets.
C it is difficult to enforce.
11 Julia says that the main message of the seminar was that companies should ensure that
they both
A develop new ideas and protect established ones.
B protect an idea and demonstrate its marketability.
C protect IP assets and more tangible property.
Part 3
Questions 12 – 20
You will hear the chairman of a hotel and entertainment group talking to shareholders about thegroup’s performance in the last year.
For questions 12 – 20, complete the sentences using up to three words.
You will hear the recording twice.
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ANNUAL REVIEW – ROXFORD HOTEL AND ENTERTAINMENT GROUP
RESULTS
12 In the Roxford Group as a whole, positive outcomes included significant increases in pre-tax profits, earnings per share and the …………………...……… .
13 In the hotel division there was a continuing ……………………………….…………………………… in trading.
Negative factors:
14 The Group suffered from unfavourable…………………………………......……….……… for most of the year. 15 There was a slight rise in ………………………………………….………………. in the entertainment division. 16 There were longer .………………………………………………………...…….. in some entertainment venues.
CHANGES IN ASSETS:
17 A new chain of ……………………………………………………………………....…... hotels was set up.
UK Hotels: Six UK hotels were sold.
18 …………………………………………………………….... were found for five hotels.
The remaining UK hotels:
Thirty five hotels were refurbished.
19 ……………………………………………….….……….. was improved by making changes to menus.
20 Efforts were made to bring ………………………………………………………………. up to the industry norm.
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Test of Speaking
Sample Test Materials
Part 1
1A Funding
1B Offering Credit
Part 2
2A Financial Reports
2B Cash, Profit and Working Capital
Parts 3 and 4
21 Auditing
22 Takeover Bid
PART 1 2 minutes (3 minutes for groups of three)
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Interlocutor Good (morning/afternoon). My name is ........ and this is my colleague, ........ .
And your names are?
Can I have your mark sheets, please?
Thank you.
First of all, we’d like to know a little about you.
Ask candidates the following questions in turn.
• Where are you both from?
• (Candidate A), are you working or are you a student?
• And what about you, (Candidate B)?
• (Candidate A), tell us something about your work / the course you are studying.
• And (Candidate B), what about your work / the course you are studying?
Ask each candidate one further question, as appropriate.
• How important is it for people to know English in your area of work/study?
• What are the career prospects for young people in your area of work/study?
• Tell us why you chose this career / this course of study.
Thank you.
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PART 2 7 Minutes (10 minutes for groups of three)
Task 1
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Interlocutor Now, in this part of the test I’m going to give each of you a choice of two different topics. I’d like you to select one of the topics and give a short talk on it for about a minute.
(Candidate A), it’s your turn first. Here are your topics and some ideas to use if you wish.
Place Part 2 booklets, open at Task 1, in front of each candidate.
You have a minute to choose your topic and prepare your talk. After you have finished your talk, your partner will ask you a question.
Approximately one minute of preparation time
All right? Now, (Candidate A), which topic have you chosen?
Candidate A States chosen topic.
Interlocutor (Candidate B), please listen carefully to (Candidate A’s) talk, and then ask him/her a question about it. (Candidate A), would you like to start?
Candidate A One minute
Interlocutor Thank you. Now, (Candidate B), can you ask (Candidate A) a question about his/her talk?
Candidates Up to one minute
Retrieve booklets. Now select a different pair of tasks for Candidate B.
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Interlocutor Thank you. Now, (Candidate B), it’s your turn. Here are your topics and some ideas to use if you wish.
Place Part 2 booklets, open at Task 1, in front of each candidate.
You have a minute to choose your topic and prepare your talk. After you have finished your talk, your partner will ask you a question.
Approximately one minute of preparation time
All right? Now, (Candidate A), which topic have you chosen?
Candidate B States chosen topic.
Interlocutor (Candidate A), please listen carefully to (Candidate B’s) talk, and then ask him/her a question about it. (Candidate B), would you like to start?
Candidate B One minute
Interlocutor Thank you. Now, (Candidate A), can you ask (Candidate B) a question about his/her talk?
Candidates Up to one minute
Interlocutor Thank you. Can I have the booklets, please? Retrieve booklets. |
Task 1
A
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Funding
• the type of assets companies need in order to trade • how businesses raise funds • the advantages of long-term funding |
Task 1
B
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Offering Credit
• why companies offer credit • the risks involved in offering credit • establishing who credit should be offered to |
PART 2 7 Minutes (10 minutes for groups of three)
Task 2
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Interlocutor Now, in this part of the test I’m going to give each of you a choice of two different topics. I’d like you to select one of the topics and give a short talk on it for about a minute.
(Candidate A), it’s your turn first. Here are your topics and some ideas to use if you wish.
Place Part 2 booklets, open at Task 2, in front of each candidate.
You have a minute to choose your topic and prepare your talk. After you have finished your talk, your partner will ask you a question.
Approximately one minute of preparation time
All right? Now, (Candidate A), which topic have you chosen?
Candidate A States chosen topic.
Interlocutor (Candidate B), please listen carefully to (Candidate A’s) talk, and then ask him/her a question about it. (Candidate A), would you like to start?
Candidate A One minute
Interlocutor Thank you. Now, (Candidate B), can you ask (Candidate A) a question about his/her talk?
Candidates Up to one minute
Retrieve booklets. Now select a different pair of tasks for Candidate B.
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Interlocutor Thank you. Now, (Candidate B), it’s your turn. Here are your topics and some ideas to use if you wish.
Place Part 2 booklets, open at Task 2, in front of each candidate.
You have a minute to choose your topic and prepare your talk. After you have finished your talk, your partner will ask you a question.
Approximately one minute of preparation time
All right? Now, (Candidate A), which topic have you chosen?
Candidate B States chosen topic.
Interlocutor (Candidate A), please listen carefully to (Candidate B’s) talk, and then ask him/her a question about it. (Candidate B), would you like to start?
Candidate B One minute
Interlocutor Thank you. Now, (Candidate A), can you ask (Candidate B) a question about his/her talk?
Candidates Up to one minute
Interlocutor Thank you. Can I have the booklets, please? Retrieve booklets. |
Task 2
A
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Financial Reports
• the purpose of external financial reports • how external financial reports are used • what external financial reports should contain |
Task 2
B
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Cash, Profit and Working Capital
• the difference between cash and profit • things affecting the cash position of a business • why some businesses need more working capital than others |
PARTS 3 and 4 7 minutes (10 minutes for groups of three)
Task 21
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Auditing
PART 3
Interlocutor Now, in this part of the test I’d like you to talk to each other. I’m going to describe a situation to you.
Place Part 3 booklet, open at Task 21, in front of the candidates. A large company with its own internal auditing department also pays a firm of accountants to carry out an annual external audit. A major shareholder has asked why both audits are necessary. You have been asked to discuss whether the costs of the present arrangement can be justified.
There are some discussion points to help you. You have about three (four) minutes to discuss this.
Candidates Approximately five seconds
Interlocutor Please start your discussion now.
Candidates Approximately three minutes (four minutes for groups of three)
Interlocutor Thank you. Can I have the booklet, please? Retrieve booklet.
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PART 4
Interlocutor Select any of the following questions as appropriate.
• Is internal auditing always necessary? Why (not)? • Should internal auditors work with external auditors? Why (not)? • Is a favourable external audit always a sign of a company’s well-being? Why (not)? • Do you think that external auditors should also provide other commercial services to clients? Why (not)?
Thank you. That is the end of the test.
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Task 21
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Auditing
A large company with its own internal auditing department also pays a firm of accountants to carry out an annual external audit. A major shareholder has asked why both audits are necessary. You have been asked to discuss whether the costs of the present arrangement can be justified.
Discussion points
• the need for an internal auditing department • the link between internal and external auditing • who benefits from an internal audit |
PARTS 3 and 4 7 minutes (10 minutes for groups of three)
Task 22
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Takeover Bid
PART 3
Interlocutor Now, in this part of the test I’d like you to talk to each other. I’m going to describe a situation to you.
Place Part 3 booklet, open at Task 22, in front of the candidates. A medium-sized company in the service sector is considering making a takeover bid for a rival company. You have been asked to consider the performance and position of the target company. Discuss the type of information you need to collect about the company and where this might be available.
There are some discussion points to help you. You have about three (four) minutes to discuss this.
Candidates Approximately five seconds
Interlocutor Please start your discussion now.
Candidates Approximately three minutes (four minutes for groups of three)
Interlocutor Thank you. Can I have the booklet, please? Retrieve booklet.
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PART 4
Interlocutor Select any of the following questions as appropriate.
• What non-financial information may be relevant to the takeover bid? • Why might the company decide not to make the bid? • Why might a takeover be beneficial to the company? • What financial implications would a successful bid have for the company?
Thank you. That is the end of the test. |
Task 22
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Takeover Bid
A medium-sized company in the service sector is considering making a takeover bid for a rival company. You have been asked to consider the performance and position of the target company. Discuss the type of information you need to collect about the company and where this might be available.
Discussion points:
• sources of financial information about the company • how the performance of the company can be measured • the reliability of information published in external reports |
