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Financial Audit



 Speciality: Finance and Accounting

Specialization: Financial Audit
Awarded qualification: Master in Economics
Level of qualification: Master
Length of programme: one year / one and half year / two years
Number of credits: 60 / 90 / 120
Field(s) of study (ISCED-F): 0411: Accounting and Taxation
Specific admission requirements: A degree with an average mark "Good" and an entry exam.
Specific arrangements for recognition of prior learning: The head of front office "Master’s degree programmes" and the technical assistant to the Master's degree program provide initial information about the application and enrollment: phone numbers - 052/359-525, 052/359-513; 052/359-639; e-mail: desislawak@gmail.com
- university diploma and a set of papers submitted duly and within the prescribed period;
- accession examination - a test;
- candidate ranking and enrollment;

Qualification requirements and regulations, including graduation equirements*: The duration of study for: 
- Professional Bachelor’s degree holders in economic majors - 4 semesters for full-time and part-time courses - 120 credits.
- Bachelors’ degree holders in non-economic majors - 3 semesters for full-time and part-time courses - 90 credits.
- Bachelors’ degree holders in economic majors - 2 semesters for full-time and part-time courses - 60 credits. 

Part-time courses are 50% of the number of lectures and seminars for full-time trainees. 
Profile of the programme: The Master's degree program in Financial Audit is designed for a broad-based and specialized training and education of students with professional interests in economy, finance, accounting, business law, financial law, auditing, taxation, tax control and more. The education obtained is the basis for successful implementation in the field of audit. In the presence of the necessary regulatory requirements and internships and after passing the exams, according to the normative acts, the graduates of the Master's program "FINANCIAL AUDIT" may obtain the qualification of Certified Public Accountants. In connection with the latter, the curriculum of the specialty envisages a large part of the necessary disciplines under the Independent Financial Audit Act.
Programme learning outcomes: The curriculum and curricula provide in-depth and specialized broad-based training in finance, accounting and auditing, with a focus on EU finance; development of financial markets; financial statements; business combinations, investments and consolidated statements; analysis of financial statements, taxation and tax control, etc. During the course students acquire knowledge about the organization and methodology of financial audit, tax control, preparation of financial statements, internal audit, substantiation and suggestion of effective management decisions as a result of analysis and evaluation of economic conditions, required legal culture in the field of commercial law. The training in the profile disciplines is organized and carried out in accordance with the contemporary development of theory and practice in the relevant scientific field.
Programme structure diagram with credits *:


ECTS Code Course Title Lectures and seminars Out-of-class workload Number of credits
1 ECO1067 Micro and macroeconomics 60 120 6
2 FIN1036 Finance 60 120 6
3 INF1034 Information systems and technologies 60 120 6
4 SOC1094 Professional ethics and independence 60 120 6
5 FIN1163 Financial management systems 60 120 6
Total for semester I 300 600 30
1 ACC1134 Accounting 75 15 75
2 ACC3148 Globalization of accounting 30 60 30
3 LAW1152 Commercial Law 45 90 45
4 LAW3346 Labor and social security law 45 90 45
5 FIN3294 Taxation and tax control 45 90 45
6 FIN3090 Financial Control 30 60 30
7   Optional course IІ semester 30 60 3
Total for semester II 300 600 30
  Total for year 1 600 1200 60
1 ACC3118 Financial Accounting 45 90 4,5
2 ACC3121 Financial statements 45 90 4,5
3 ACC3133 Analysis of financial statements 30 60 3
4 ACC3129 Audit approach and audit practice 45 90 4,5
5 FIN3295 Public Sector Audit 45 90 4,5
6   Optional course IІІ semester 60 120 6
7   Elective course IІІ semester 30 60 3
Total for semester IIІ 300 600 30
1 FIN3343 Risk management and internal control 45 90 4,5
2 FIN3229 Business combinations and consolidated 45 90 4,5
3   Optional course IV semester 30 60 3
4   Elective course IV semester 30 60 3
Total for semester IV 150 300 15
Total for year 2 450 900 45
Master's Thesis Defence   300 15
Total for the entire course of study : 1050 2400 120
      Optional  courses, choose 4 from 8      
1 FIN3217 EU finances 30 60 3
2 FIN3223 Commercial Bankruptcy 30 60 3
3 FIN3241 Independent financial audit 30 60 3
4 FIN3344 Portfolio management 30 60 3
5 ACC 3130 Audit of projects and audit related services 30 60 3
6 INF 3135 Accounting Software 30 60 3
7 ACC 3127 Management accounting 30 60 3
8 FIN3329 International payments 30 60 3
    Elective courses, choose 2 from 6      
1 FIN3313 Financial Mathematics 30 60 3
2 FIN3345 Financial dimensions of business risk 30 60 3
3 MAN3231 Master class 30 60 3
4 LAW 3252 Tax law 30 60 3
5 MAN 3391 Mergers and acquisitions 30 60 3
6 FIN3313 Financial Mathematics 30 60 3

* In Varna Free University, a credit equals 30 lessons, of which 10 contact hours (lectures and seminars) and 20 hours independent work.
The Curriculum is for a four-semester course of study.
The Curriculum for the three-semester course begins with the course "Accounting".
The Curriculum for the two-semester course begins with the course "Financial Accounting".
Mode of study: full-time, part-time
Examination regulations and grading scale: Each discipline ends with sitting a semester examination. During the process of study, tests, assignments and case studies are prepared and done. Some disciplines require the development of project assignments and reports. The precise evaluation criteria are indicated in the syllabi. It’s common to use the scoring system to evaluate the ongoing assessment and conduct semester exam as well as to determine the final grade. Postgraduates need to become familiar with the criteria and concrete evaluation methodology in the relevant discipline in advance.
Obligatory or optional mobility windows (if applicable): None
Work placement(s) (if applicable): None
Work-based learning: The cooperation of the Department with representatives from the fields of tax and customs control shall organize Practicum.
Occupational profiles of graduates: Graduates of the FINANCIAL AUDIT Master Program can work in management and executive positions in labor, official and bond relations in all sectors of the national economy and government: commercial companies; banks and non-banking financial institutions; insurance, insurance and not-for-profit enterprises and institutions; specialized audit firms; ministries, agencies, agencies, unions, public organizations, regional administrations, municipalities, budgetary enterprises, foundations; in the divisions of the tax administration and others. The main positions they can occupy and perform are from a very wide range: managers of companies, offices, departments and other structural units; auditors in the Court of Auditors, auditors in the Internal State Inspectorate, auditors in specialized audit companies in the field of independent financial audit, internal auditors of enterprises; chief accountants, accountants, financial managers, economists, financiers, experts, analysts and more.
Access to further studies: The students who have finished the Master’s degree program in Financial Audit  have the opportunity to continue their education in a PhD program in Accounting, Control and Analysis of Business Activity.
Head of Master’s Degree Programme: Assoc. Prof. Iva Moneva, PhD 
tel.: 0888/877152
e-mail: ivamoneva@abv.bg
Technical assistant: Desislava Kirova
tel.: 052/ 359-639
e-mail: desislawak@gmail.com