Financial Accounting and Auditing
The Department of Financial Accounting and Auditing is an integral part of the University of Economics since its establishment in 1953. Throughout the history, the Department has belonged to the biggest University´s department. At present, over 30 full time staff and Ph.D. students are members of the Department. Using the cooperation with a wide range of professionals from both private and public sector, the Department performs education and research activities at a high level.
The members of the Department are involved in many prominent national and international professional bodies such as Czech Accounting Board, Chamber of Auditors of the Czech Republic, Chamber of Tax Advisers of the Czech Republic, Union of Accountants, European Accounting Association.
The Department offers more than 40 courses at the bachelor’s, master’s and doctoral degree, other courses in lifelong education and specialised seminars for public as well. Research activities cover the projects financed by the Ministry of Education and Czech Science Foundation. The Department organises regular national and international conferences, too (including an international conference for Ph.D. students and an international conference on accounting harmonisation).
Courses available in English
1FU491 Accounting reporting under IFRS and U.S. GAAP – Basic Concepts and Comparison in English
The course demonstrates the theoretical concepts of financial reporting under IFRS and US GAAP on real-life company financial reports and shows how to apply the rules and concepts in practice. Case study topics include accounting principles relating to the measurement and reporting of assets, liabilities and equity, cash flow and net profit.
1FU361 Financial reporting under IFRS and U.S. GAAP – Basic Concepts in English
The course deals with the basic financial reporting concepts under IFRS and U.S. GAAP and their differences and similarities. The course introduces the process of standard-setting, the role of the joint convergence project, and major securities exchange reporting requirements. In addition to discipline-specific objectives, some learning objectives are taught, practiced, and reinforced throughout the curriculum, including English communication skills, information competency skills and multicultural awareness.
1FU261 Accountant in Business
This course defines the role of accounting and financial reporting within a business entity and it’s environment. The aim of the course is to introduce the students to different types of business organizations and their influence on financial reporting, define stakeholders and users of financial statements, explain the influence of legal and tax regulations on business entity and financial reporting, to explain the relationship between accounting and other key business functions. A part of this course is also professional ethics in accounting and unlawful conduct in business area.
1FU301 Fundamentals of Accounting in English
The aim of this course, is to develop knowledge and understanding of fundamentals of accounting in English and practical using of principles and concepts relating to financial accounting. Using practical examples of financial accounting and reporting from USA and Great Britain, main differences between British and American accounting systems are demonstrated.
1FU302 Fundamentals of Accounting in English with Examples
The aim of this course, is to develop knowledge and understanding of fundamentals of accounting in English and practical using of principles and concepts relating to financial accounting. Using practical examples of financial accounting and reporting from USA and Great Britain, main differences between British and American accounting systems are demonstrated.
This course comprises of two relatively independent parts (lectures and interactive seminars). Students can opt to study the lectures only (then register for the course 1FU301) or both parts combined (then register for this course 1FU302). The essential addition of this course is application and interpretation of accounting information contained in real financial statements, including understanding the process how such information is prepared in bookkeeping systems.
1FU515 External Financial Auditing
The primary purpose of this course is to help students to gather deeper insight into the auditing process, including the theory, philosophy, and practice of auditing and the ethical implications of auditing decisions. This course develops an understanding and appreciation of the philosophy of the auditing process and provides students with the skills necessary for effective decision-making regarding auditing, financial reporting, and ethics. The course covers the standards, concepts, and principles of auditing theory and practice. Topics include generally accepted auditing standards; systems of internal control; tests of compliance; sampling; quality and reliability of information for decision making; the concepts of audit risk, materiality, and evidence; frameworks for the rules of conduct and the code of professional conduct; and information technology applied to internal control. Critical thinking and communication skills are developed through a student project on specific audit topic and use of information technology tools.
1FU596 Intermediate Accounting: Case studies
The course focuses on international financial reporting based on principles and requirements of IFRSs, accounting standards developed primarily for publicly registered entities. The course integrates the knowledge of recognition, measurement and presentation of certain accounting phenomena in the financial statements of these entities; the exposition is based on the extracts from the financial statements of real entities as well as on the case studies.
1FU492 Finanzberichterstattung in Deutsch
The course focuses on fundamental German terms specifically used in accounting and auditing, including the connections between Czech accounting system and those applied in German-speaking countries (esp Germany and Austria). After introduction into terminology, the course will discuss specific topics such as accounting and auditing regulation in Germany and Austria, the impact of German and Austrian parent companies on reporting of their Czech subsidiaries, conversion of Czech financial statements for the purposes of consolidation, specifics of auditing of such financial statements, impact of IFRS. Students are expected to work indepedently with specialist German texts, including discussions of particular topics in German language.
Science and Research – Main research topics
- accounting harmonisation
- international accounting
- regulation of accounting
- regulation of auditing
- public sector accounting
- accounting of non-profit entities
- ICT in accounting
- measurement in accounting, income determination
- accounting, tax and legal aspects of business combinations
- ethics in accounting and auditing
- accounting for goodwill
- relation of accounting and taxation in a small open economy
- Professional responsibility of auditors, tax advisors and accountants