9
University of Latvia
Faculty of Economics and Management
Self-evaluation Results
of the Professional Higher Educational Study Program
Economist (Accounting, Analysis, Auditing).
1. Characteristics of the study program.
Presently studies at the University of Latvia are mainly directed towards the provision of academic education, however the country’s national economy needs not only academically well educated specialists, but also specialists, competent in some particular field. It is proved by the development patterns of Latvia’s economy, with a great number of small and medium-sized firms, which considerably increases the demand for accounting specialists.
To satisfy the demand the Department of Accounting and Economic Analysis of the University of Latvia has invented the professional higher educational study program for economists specializing in accounting, analysis and auditing.
The education provided for by this program has some specifics:
The studies last for five years.
The studies provide the students with an opportunity to earn a bachelor’s degree and acquire a qualification of an economist specializing in accounting, analysis and auditing simultaneously.
In order to provide complex, comprehensive education, 18 of the 22 compulsory courses from the bachelor's program in economics are included in the professional program directly; the rest of the courses are included as parts of other courses. All of the optional courses from the bachelor's program in economics are included in the professional program as well.
The necessary level of qualification will be attained by:
a) studying the courses concerning the specialization in depth and in detail;
b) including some specific courses in the program. Such courses are History of Accounting, Organization of Accounting, Money and Banking, International Law, Securities Transactions, Accounting for State Budgetary Institutions, Exporting and Importing Transactions, Information Systems of Accounting, Analysis and Auditing;
c) by offering students practical training three times in a five-year study period: in accounting - after the 3rd study year, in financial analysis - after the 4th study year, pre-graduation practical training - during the 10th semester.
2. The goal and tasks of the study program.
The goal of the program. To grant students a possibility to acquire both higher academic and professional education by means of creative learning and practical training. The goal of the program is to prepare qualified economists, accountants and specialists of financial analysis and auditing for work at Latvia’s domestic and international firms.
The tasks of the program. The tasks of the program are to provide students with knowledge and practical skills needed for working at firms of different forms of ownership as main accountants, financial directors, auditors, accounting and financial managers, by meeting the international requirements. The students must accomplish the following tasks by meeting all the requirements set out in the program:
to complete the compulsory part of the program (Part A);
to choose which alternative part of the program (Part B) to complete and to complete it by earning the necessary number of credits;
to pass the final qualification exam;
to prepare and present the diploma project.
3. The evaluation of the study program from the viewpoints of Latvia’s state and the University of Latvia.
The professional higher educational five-year study program Economist (accounting, analysis, auditing) is needed in order to prepare accounting and auditing specialists, which have learned and are able to accomplish professionally the tasks of economist-accountant, auditor, accounting and financial manager for work at state institutions and private institutions of all types of ownership.
The interest of the University of Latvia in this program mainly is based on the opportunity to strengthen its contacts with the national economy, provided by this program.
The Association of Certified Auditors of the Republic of Latvia and the Ministry of Finance positively evaluated the professional higher educational five-year study program Economist (accounting, analysis, auditing).
4. Contents of the study program.
4.1. Types of the studies.
Daytime and extra-mural (by including the requirements of the bachelor's program) sections.
4.2. The conditions for enrollment.
Persons having completed their secondary education, which agree to pay tuition and have submitted application, can get enrolled.
4.3. Duration of the studies.
Five academic years.
4.4. The number of credits in the program - 208 credits,
of which
in the compulsory part of the program - 158 credits,
in the alternative part of the program - 50 credits.
The professional education is regulated by Regulation on Professional Education of the University of Latvia, which was accepted at the Senate of the University of Latvia on April 25, 1994.
4.5. The course projects and the diploma project get completed by making use of real -life information as well as theory. The projects concern topical problems in the field of accounting, financial analysis, auditing and tax policy. The projects should contain research findings and applicable proposals.
4.6. The descriptions of the study courses are provided for in the appendix.
4.7. The practical training is arranged for at corporations, public accounting firms, other types of firms, the State Revenue Service, Latvia's state customs and the State Financial Police.
4.8. The program is implemented by the faculty of the Faculties of Economics and Management and Informatics, in co-operation with the Association of Accountants of the Republic of Latvia, the Association of Certified Auditors of the Republic of Latvia, the State Control, international public accounting and auditing firms, Accounting Standards Advisory Council and firms.
5. The conditions for granting the qualification.
To meet all of the program requirements, including completion of diploma project and passing of qualification exam,
The qualification of the economist specializing in accounting, analysis and auditing granted is certified by the diploma of higher professional education, issued by the University of Latvia.
The diploma of higher professional education in the program Economist specializing in accounting, analysis and auditing provides the graduate with the rights to pursue further education, equivalent to those of a bachelor's diploma in economics.
6. Qualifications and professional level of the academics.
The faculty of the Faculties of Economics and Management and Informatics and highly qualified employees of the national economy participate in the implementation of the program.
Around 73 percent of the academics involved in the implementation of the program possess a doctor's degree in economics.
7. The means of financing the professional higher educational five-year study program Economist specializing in accounting, analysis and auditing - tuition paid by students.
8. Methodical provisions of the program. The Library of the University of Latvia, the Library of Economic Literature and the Library of Accounting Literature. Around 75.8 percent of all students attend the Library of Economic Literature and the Library of Accounting Literature on a regular basis, although virtually all of them are registered there as readers. There is additional information available in the Self-evaluation Results of Economics Study Program (page 9).
There is literature on accounting, financial analysis, internal control and auditing in Latvian, English, German and Russian available in the Library of Accounting Literature.
There are accounting softwares such as “Apvârsnis”, “Kentaurs” and other softwares available to help in the implementation of the program.
The material and technical provisions for the program. In the implementation of the program, the following resources of the Faculty of Economics get used:
1. premises in 5 Aspazijas Boulevard, in Riga,
2. technical study aids,
3. inferior inventory.
Students and faculty make use of computers of the Faculty of Economics and Management.
Faculty as well as students use Internet for acquisition of information.
9. The research work connected with the study program.
The faculty involved in the implementation of the program actively participates in research work. Several teachers work on their doctor's dissertations.
The main fields of research are the following:
The perfection of accounting organization;
The analysis of firm’s financial situation;
Control and auditing;
The application of international accounting and auditing standards in Latvia’s accounting.
The co-operation of the faculty with the University of Sacramento (USA), the University of Thames Valley, the University of Vilnius, The Technical University of Tallin, the University of Tartu, the University of Gdansk and other universities is noteworthy.
Four persons in the doctoral program are doing doctoral research. The number of persons enrolled in the master’s program is greater than the number of students in the bachelor’s program. There is additional information available in the Self-evaluation Results of the Economics Study Program (pages 17 to 18).
10. International contacts and contracts of co-operation at the level of the program’s implementation.
Co-operation with international public accounting firms such as KPMG, Coopers & Lybrand and Moore Stephen, the employees of which take part in the implementation of the study program. Co-operation with the Tallinn Business School, the University of Vilnius, the Technical University of Tallinn and the University of Tartu.
11. The plan for further development of the study program.
By evaluating the organization and contents of the professional higher educational five-year study program as well as the qualitative aspects of its implementation, it can be concluded that the program would be perfected by including some optional courses in it.
It would also be necessary for the Department of Accounting and Economic Analysis to open its own computer laboratory and to provide it with accounting, financial analysis and auditing softwares.
A great task in the implementation of the program is the delivery of information and knowledge to students. Therefore the preparation of study aids, their translation and distribution by the faculty should be promoted.
12. Provisions and guarantees for the quality of the professional higher educational study program.
1. The improvement of academics’ qualifications;
the correspondence of the contents of methodical and research work to the contents of the study courses taught;
application of progressive academic experience (co-operation with the faculty of a variety of foreign universities, co-operation with the faculty of other Latvia’s and Baltic countries’ universities etc.);
2. The involvement of students enrolled in master’s and doctor's programs in research work and in the development of research and study programs;
3. The involvement of employees of international public accounting and auditing firms in the educational process.
4. Co-operation with the Association of Accountants of the Latvian Republic and the Association of Certified Auditors of the Latvian Republic concerning the arrangement of practical training for students.
5. Contracts of co-operation with the firms developing accounting softwares.
6. Regular questioning of students, graduates and employers on the contents of the study program, analysis of business games (situations) and their results.
The director of the program
V.Paupa, Dr.oec., doc.
Head of the Department of Accounting and Economic Analysis,
Faculty of Economics and Management,
University of Latvia.
Self-certification
of the Department of Accounting and Economic Analysis
at the Faculty of Economics,
University of Latvia.
1. GOAL AND TASKS OF THE DEPARTMENT
Goal of the Department of Accounting and Economic Analysis is to provide for academic as well as professional education in accounting, with a concentration on accounting, analysis and auditing.
In order to reach the goal, the personnel of the department carries out the following tasks:
1.1. teaches courses in accounting, analysis and auditing. These courses are included in bachelor's and master's programs in economics, commerce and business management. The faculty holds lectures as well as workshops;
1.2. provides for graduate studies in management;
1.3. provides for programs of higher professional education;
1.4. co-ordinates the research in accounting, analysis and auditing, carried out by candidates for doctor's degree;
1.5. does projects and research on complex topics;
1.6. provides for operation of Accountants and Auditors Educational Centre where economists can learn accounting and improve their qualifications.
2. FACULTY OF THE DEPARTMENT
2.1. Vilma Paupa, Dr. oec., doc., head of the department.
2.2. Lilija Âbika, assistant.
2.3. Veneranda Andþâne, lecturer.
2.4. Jeïena Banîte, lecturer.
2.5. Inta Brûna, Dr. oec., doc..
2.6. Inga Bûmane, lecturer.
2.7. Ojârs Danovskis, Dr. oec., doc., Dean of the Faculty of Economics.
2.8. Ilmârs Kâlis, Dr. oec., doc..
2.9. Laimdota Kaire, Dr. oec., doc..
2.10. Maiga Kassale, assistant.
2.11. Igors Ludborþs, Dr. oec., doc..
2.11. Valentîna Putâne, lecturer.
2.13. Jânis Vaikulis, lecturer.
3. STUDY COURSES,
INCLUDED IN THE BACHELOR'S PROGRAM
Faculty of the Department of Accounting and Economic Analysis holds lectures and workshops for students pursuing bachelor's degrees in economics, commerce and business management in the following courses.
Fundamentals of Accounting (doc. I.Brûna, assistants L.Âbika, M.Kassale, I.Bûmane);
Financial Accounting (lecturer V.Andþâne, lecturer V.Putâne, doc. L.Kaire);
Management Accounting (doc. L.Kaire);
Financial Analysis (doc. V.Paupa, lecturer J.Vaikulis, doc. O.Danovskis);
Accounting for Budgetary Institutions (lecturer V.Andþâne);
Accounting for Banks (doc. I.Brûna);
Auditing (I.Ludborþs, lecturer J.Banîte);
Internal Control (doc. I.Brûna);
Financial Management (doc. I.Kâlis);
Control (doc. I.Kâlis);
Accounting in Foreign Countries and International Standarts (doc. I.Ludborþs);
Balance Sheet Policy (lecturer J.Vaikulis).
4. STUDY COURSES,
INCLUDED IN THE MASTER'S PROGRAM
The Department of Accounting and Economic Analysis provides for the following study courses which are included in the subprogram of graduate studies in economics, called "Control, Analysis and Accounting for Business Activities".
Compulsory Courses
International Accounting Standarts (doc. L.Kaire);
International Auditing Standarts (doc. I.Ludborþs).
Optional Courses
Theory of Accounting (lecturer V.Andþâne);
Balance Sheet Policy (lecturer J.Vaikulis);
Management Accounting II (doc. L.Kaire).
5. STUDY COURSES,
INCLUDED IN THE PROFESSIONAL PROGRAM
Faculty of the department has prepared and implements professional higher educational program "Economist-accountant" which consists of the following courses.
Accounting (lecturer V.Putâne and lecturer V.Andþâne);
Management Accounting (doc. L.Kaire);
Financial Analysis (lecturer J.Vaikulis);
Accounting and Analysis at Banks (doc. I.Brûna);
Accounting for Budgetary Institutions (lecturer V.Andþâne);
Auditing (lecturer J.Banîte, candidates for doctor's degree I.Ûdre and U.Usovièa);
Internal Control (doc. I.Brûna);