Playing with output transformers in mics?

[mkiijam]

I'm actually trying to replace a bad one in a Beyerdynamic MC740, but it got me thinking about what the transformer is doing. Just as simple as converting way too much voltage into a healthy amount of current to push the signal down the cable?

 

[Matador]

Typically (at least) two jobs:

1) Impedance conversion (adapting a high output impedance circuit to a low impedance input)
2) Converting from an unbalanced signal output to a balanced output