According to the amendments to the Law on Higher Education Institutions, which came into force on 01.01.2019, the period of accreditation of study programs has been extended. The new accreditation terms can be seen here.

Programme code 42344
Field of study Economics
Faculty Faculty of Business, Management and Economics
Obtainable degree Professional Bachelor Degree in Accounting, Analyse and Audit
Access to further studies Access to Master Study Programmes or Second-level Professional Higher Education Study Programmes designed for studies after the awarding of Bakalaura grāds (Bachelor`s degree)
Programme director Ruta Šneidere
Credits 160 KP or 240 ECTS
Study duration full-time
8 Semesters
Tuition fee starting Autumn semester, 2019 Tuition fee per year - 2000 EUR
Number of students accepted each year Autumn semester 2019
State -funded study places- 1
Autumn semester 2019
Study places for tuition fee - 70
Minimum number of students - 25
Start of studies Autumn 2020
Study duration part-time: regular studies
9 Semesters
Tuition fee starting Autumn semester, 2019 Tuition fee per year - 1500 EUR
Number of students accepted each year Autumn semester 2019
State -funded study places- 0
Autumn semester 2019
Study places for tuition fee - 50
Minimum number of students - 25
Start of studies Autumn 2020
Language of instruction Latvian

The graduates of the study programme Accounting, Analysis and Audit obtain a Professional Bachelor's degree in Accounting, Analysis and Audit, and the fifth level professional qualification of an Economist. The Programme prepares high qualified specialists with comprehensive professional competencies in accounting, business performance analysis and audit for Latvian and international companies.   

The programme includes four compulsory practices in enterprises and organizations. During practices students apply obtained theoretical knowledge explores and analyses the company's accounting and financial statements, as well as acquire the practical skills of the preparation and analysis of financial statements.

Students are welcomed to participate in various exchange programmes and to study abroad for semester or a year. EMF has signed more than 130 ERASMUS+ cooperation agreements with universities in Norway, Sweden, Finland, Denmark, Iceland, Lithuania, Estonia, Poland, Germany, France, the Netherlands, Belgium, Austria, Italy, Luxembourg, Spain, Portugal, Croatia, Slovenia, Slovakia Bulgaria, Turkey. ERASMUS+ offers opportunity to have a practice in the international company. Students can participate also in ISEP exchange programme and spend a semester in one of the universities in the United States of America.


Aim and tasks of the study programme

The aim of the Professional Bachelor’s Study Programme Accounting, Analysis and Audit is to educate the specialists for Latvian and international enterprises, who have a wide range of knowledge and skills concerning the preparation of financial statements and analysis of economic activities for making management decisions in the public and private sector, as well as to ensure the development of students’ personalities and to provide them with an opportunity to obtain the Professional Bachelor’s degree with the rights to continue their studies at the Academic Master’s study programmes or Professional Master’s study programmes. 


The main tasks to achieve this aim are to:

  • provide an opportunity to acquire the Second Level Professional Higher Education Programme in conformity with the “Regulations on the State Standards of the Second Level Professional Higher Education” adopted by the Cabinet of Ministers;
  • provide an opportunity to obtain the Professional Bachelor’s degree in Accounting, Analysis and Audit and the 5th level professional qualification of an economist after the acquisition of Professional Higher Education Bachelor’s Study Programme and the successful passing of state examinations;
  • ensure the necessary preconditions for the education of highly qualified specialists of accounting who would be competitive in the labour market of Latvia;
  • develop students’ economic and creative thinking, facilitate their efforts to perfect their knowledge and consolidate their practical skills independently;
  • develop the students’ professional ethics of accountants at the high level and offer fundamental social skills necessary for communication, independent and team work;
  • develop the students’ skills to perform scientific research independently and to apply the obtained results in practice;
  • ensure the flexible approach to the content of study process in relation to the changing economic situation.
Learning outcomes of the study programme


  • in the field of the structure and management of economic systems;
  • concerning the enterprise management and financial provision;
  • of the national taxation system and its application;
  • of the application of provisions regulating accounting in the private and public sector;
  • of international accounting;
  • of mathematics and statistics;
  • of methods and techniques for the processing of economic information;
  • of business ethics and economic rights.


  •  to apply manual or computerized approach to the processing of financial information, to prepare and process the accounting documents, to aggregate information in the bookkeeping registers;
  •  to prepare the annual financial statements and the financial statements for other periods;
  • to the prepare and submit in due time the statements on taxes and statistical reports;
  • to identify and analyze business problems by applying the techniques of financial analysis;
  • to interpret the results obtained during analysis and to substantiate the proposals suggested for dealing with problems;
  • to apply the audit methodology for auditing annual reports;
  •  to organize and manage the activities of the structural units of accounting in conformity with the requirements set for internal control;
  •  to use the computer for professional purposes, applying the software envisaged for accounting;
  • to read fluently the specialized literature in a foreign language on business activities, management and the problems of accounting;
  • to apply the techniques for searching for information and knowledge;
  • to find innovative solutions for dealing with everyday problems;
  • to develop communicative skills, while working in a team.


  • creative dealing with problems in relation to professional duties;
  • ethical attitude towards the colleagues, partners, customers and other persons;
  • the ability to show initiative and to take responsibility;
  • careful attitude towards the environment and nature;
  • the desire to develop and perfect oneself on an ongoing basis.
Job opportunities

The graduates of the Programme can work in Latvian and foreign companies, banks, audit companies, public institutions and other organizations as financial directors, chief accountants, accountants, economists, auditors as well as in other positions. The graduates of the programme have an opportunity to get a professional Master's degree in economics only in one year continuing studies at the EMF professional master's study programme Accounting and Auditing or to continue their studies in the other academic or professional master's degree programmes.

Admission requirements

Secondary education

General rules (here)


Competition criteria for persons with an obtained secondary education on year 2004 and onwards:


CE in Latvian

CE in Maths

CE in English or CE in French, or CE in German

Competition criteria for persons with an obtained secondary education up to year 2004 (not included) as well as persons who have obtained their secondary education abroad and persons with special needs:

final average grade in Latvian and Literature

final grade in Maths (or the average grade of Algebra and Geometry)

final average grade in certain subjects

Admission formulas

Accounting, Analysis and Audit   160
Mandatory part   112
General education courses   20
EkonP198 Macroeconomics Exam 4
Ekon1300 Mathematics for Economists Exam 4
EkonP196 Microeconomics Exam 4
JurZ2005 Commercial Law Exam 4
Ekon1273 Statistics for Economists I Exam 4
Field-specific theoretical foundation courses   14
DatZ1085 Economic Informatics I Exam 4
Ekon2368 Theory of Finances Exam 4
EkonP083 Financial Management Exam 2
Ekon2087 Entrepreneurship Economics Exam 4
Field-specific professional specialization courses   40
Ekon3249 Auditing I Exam 4
EkonP124 Bank Accounting Exam 4
EkonP776 Course Project in Financial Analysis Coursework/project 2
Ekon3315 Financial Analysis Exam 4
EkonP027 Financial Accounting (Course Paper) Coursework/project 2
EkonP222 Financial Accounting I Exam 4
EkonP375 Financial Accounting II Exam 4
Ekon3088 Practical classes of financial accounting Exam 2
Ekon3087 Accounting Information Systems Exam 2
Ekon2094 Theory of Accounting Exam 4
Ekon2198 Study work in economics Coursework/project 2
Ekon1077 Research methods and appoaches in Accounting studies Exam 2
Ekon2075 Basic of cost and management accounting and simulation games Exam 4
Practice   26
EkonP041 Practical training in application of accounting methods Internship 4
EkonP044 Practical Training in Financial Accuonting, Finansial Analysis and Audit Internship 4
EkonP042 Practical Training in Financial Analysis Internship 8
EkonP043 Practical Training in Financial Accounting Internship 10
State examination   12
Ekon4039 Diploma thesis Diploma Paper 12
Restricted elective courses   42
Field-specific theoretical foundation courses   22
Total Field Theoretical Basic Courses   20
Ķīmi1059 Civil protection Test 1
Ekon4223 Assessment and Forecasting of Economic Situations Exam 4
Ekon3006 History of Economic Theories Exam 4
VadZ1032 Record Keeping and Correspondence Exam 2
EkonP046 International Economics Exam 2
VadZP000 Marketing Exam 4
VidZ1032 Environment protection Exam 1
SDSK1095 Ethics of Business Exam 2
Foreign Language for Accountancy   2
ValoP079 English for Accountancy I Exam 2
ValoP083 German for Accountancy I Exam 2
Field-specific professional specialization courses   20
Ekon4308 Accountancy and Analysis of Insurance Companies Exam 4
EkonP842 Internal Control Exam 2
Ekon4200 Controlling Exam 2
Ekon3077 Prediction of solvency Exam 2
Ekon4040 Tax Policy and Practice Exam 2
Ekon3118 Practical training on taxes Exam 2
Ekon3230 Tax Accounting Exam 2
Ekon3089 International Accounting Exam 2
Ekon2082 Simple entry bookkeeping Exam 2
Elective courses   6
ValoP081 English for Accountancy II Exam 4
DatZ1077 Economic Informatics II Exam 2
ValoP084 German for Accountancy II Exam 4
Science sector Economics
EKI level 6
Programme practical realization

Lectures as a delivery method are used in the study programme for both general education courses and courses of the branch, as well as for the courses of professional specialization. During the lectures, the students are introduced in the theoretical issues that are provided with the practical samples and the provisions of laws and regulations. During the lectures, the university lecturers use the following technical means: multimedia, OHP, Internet; for example, within the course Financial Accounting I the students are introduced how to perform discounting of the cash flow in the Internet, within the course Financial Accounting II – how to use EDS (electronic declaration system) etc. To perform improvement of study programme and to make easier communication with part time students the administration of professional bachelor study programme has envisaged preparation of e-courses in most important subjects.

      Practical assignments within the study courses are the assignments regarding the preparation of bookkeeping documents, dealing with practical situations, analyzing of the statements on financial information, auditing of financial and other documents. The substantiation – the professional study programmes envisage the acquisition and consolidation of practical skills, and at least 30% of the volume of these programmes is implemented in a practical form. During the study course, the groupwork is one of the forms used for the acquisition of skills; it helps to consolidate the knowledge acquired during lectures and seminars, as well as develops the students’ communicative and organizational skills. 

      Seminars are the supplements to the theoretical and practical knowledge of topical problems. During the seminars, the discussions on the problems studied more deeply in the textbooks take place in the students’ group; there are national legislative acts, international and national accounting and auditing standards analyzed, and the validity of their provisions and application possibilities are evaluated at the seminars.

The material acquired during the lectures of the study course Basics of Management Accounting and Simulation Games is applied in practice by means of simulation games.

      Individual work manifests as the fulfilment of home assignments or the development of small themes. Such a form of activities facilitates the students’ abilities to fulfil the particular tasks independently. The tasks of independent work are developed in several study courses depending on the specificity.

      The assistance for the students’ individual work is ensured through the consultations on the study materials, dealing with practical problems and other issues related to studies; the consultations are provided by the university lecturers delivering the study courses. At the beginning of each term, the university lecturers, involved in the implementation of the study programme, inform their consultation schedules. The duration of consultations is at least two academic hours a week; besides the part of the day, when the consultation is planned, is aligned with the study form, where the university lecturer delivers the lectures – whether the consultation takes place on working days or Saturdays. Students have the opportunity to communicate with teachers via e-mail.

        In order to control and facilitate the acquisition of knowledge on an ongoing basis, the university lecturers organize interim tests, the number and significance of which are determined in the course description. They are envisaged to find out, whether the students have understood the acquired themes. One of the forms of interim tests are tests that are organized for shorter (10 – 15 minutes) or longer (up to 90 minutes) periods of time.

      Practical training is a compulsory part of professional study programmes. There have been developed the regulations for the organization of practical training in the study programme “Accounting, Analysis and Audit”; the regulations provides for the division of the total volume of practical training into four groups of practical training having a common theme and aim; the practical trainings are closely related to the approbation of theoretical knowledge in practice. During the second term of each study-year there are practical trainings planned with the following themes and volumes in credit points:

1.      Application of accounting techniques (4 CP).

2.      Financial accounting (10 CP).

3.      Financial analysis (8 CP).

4.      Studies of bookkeeping, financial analysis or audit situations (4 CP).

There has been a programme developed for the each practical training; the student and the supervisor of the practical training at an enterprise acquaint themselves with the program. The student has an opportunity to choose the place of practice training, or the administration of the programme provides assistance in searching for the place of practical training. There has been a cooperation agreement concluded with the Accountants’ Association of the Republic of Latvia for this purpose, providing the assistance for ensuring the places of practical training. The tripartite agreement is being concluded with the place of practical training, and the agreement provides for all the rights and responsibilities of parties related to the fulfilment of the programme of practical training. The director of the programme appoints the supervisor of practical training from the university lecturers of the University of Latvia, and the supervisor consults and helps to deal with the problems during the particular period of practical training. After the completion of practical training, the student prepares the report on practical training, submits it to the supervisor of practical training for approval and defends in conformity with the procedure provided by the department. The students have an opportunity to choose the places of practical training also at the EU enterprises.

Rating system

A complex method is applied for the evaluation of courses in the Higher Professional Bachelor’s Study Programme. It comprises the evaluation of the fulfilment of students’ practical assignments, the assessment of results obtained in the interim tests and examinations. The students are informed at the beginning of the term, how the final result (grade) would be determined, taking into consideration the results of their performance during the term.

      In fact, the process of evaluation is continuous. The evaluation of the Professional Study Programme students’ progress in the study courses of specialization - Financial Accounting I and II, Financial Analysis, Audit I and II - is complex, consisting of several stages. The final assessment of students’ knowledge is given at the end of term, taking into account the results obtained at all stages: the fulfilment of practical assignments, performance at the seminars, fulfilment of individual work, and the results obtained in tests and examination. Each university lecturer delivering a course has developed the evaluation methodology; at the meetings of Methodological Groups of the Department of Accounting and Audit the system of evaluation is discussed and, as a result, the amendments are made. It is indicated in the evaluation methodology, what is the percentage of each evaluation criterion out of the total assessment, and the students are instructed in these aspects at the beginning of the study course. The requirements, included into the descriptions of study courses, regarding obtaining credit points, show that about 46% of cases the final test in study courses is a written examination that could be supplemented with tasks. The amount of such a test constitutes 50% of the final evaluation. Approximately in 19% of courses the proportion of an examination constitutes 40%, but in 23% of courses – 20 -30% of the final assessment. A greater part of requirements set for the obtaining for credit points the students meet during the term.   The forms of interim tests differ; however, the prevailing one is 2-3 tests during the term. The forms of tests often used are reports, teamwork, simulation games, and presentations. The revised descriptions of courses show the common tendency of increasing the part of interim tests that is a positive indication, because it enables students to acquire the study material smoothly and to receive the evaluation of acquired knowledge.

      The evaluation of term papers is characterized by several stages that are based on the developmental stages of a term paper. During the preparatory stage, the supervisor, appointed by the director of the programme regarding the development of the paper, while consulting a student on the aim, objectives and structure of paper, gains insight into the student’s skills and abilities concerning the organization of scientific activities; then, during the evaluation of draft, the supervisor gains insight into the students’ skills and abilities to apply analytical methods and deal with problems. The supervisor and the director of the study programme or another university lecturer of the respective study course are present at the defence of the submitted paper. The student receives an assessment according to the 10-point system; the assessment is based on the evaluation of the scientific quality of defended paper, its compliance to the requirements set regarding the designing of such papers and the evaluation given by the supervisor on the process of the development of paper.

      The evaluation of practical training is performed in conformity with the regulations of practical training and the programme of practical training developed at the Department of Accounting and Audit. Before they start their practical training, the students are introduced to their supervisor of practical training, instructed in the programme of practical training and the tasks to be fulfilled during the practical training. Having completed the practical training, the student, within a determined period of time, submits to the supervisor of practical training the report and the confirmation from the place of practical training. The defence of the report on practical training takes place at the supervisor of practical training who has profoundly reviewed the report and prepared questions on the process of practical training, the student’s activities during the practical training and the uncertain aspects of the report on practical training. When assessing according to the 10-point system, the following aspects are taken into account: 1) whether the programme of practical training has been fulfilled and how good is the student’s knowledge regarding the organization of work at the place of practical training and particular situation; 2) how the observations made during the practical training had been showed in the report on practical training, whether there had been attached the filled in documents and registers of records; 3) whether the student is able to identify the deficiencies of bookkeeping and management system and to provide proposals for their elimination.

      When assessing the graduation papers, the complex approach is applied. In order to ensure more qualitative development of graduation papers, there is a requirement set regarding the implementation of programme that the student has completed a theoretical course only, when a confirmation has been received from the supervisor of the graduation paper on the work done concerning the graduation paper. Since one of the tasks to be fulfilled during the practical training – studies of bookkeeping, financial analysis or audit situations – envisaged in the 4th year is to summarize the information for the development of graduation paper, the successful defence of the report on practical training is simultaneously also the above mentioned confirmation. The evaluation of the completely developed graduation paper takes place at the presence of the commission of state final examinations, when the student defends the reviewed graduation paper. The members of the commission take into account the following criteria: 1) the quality of the content of graduation and its conformity to the methodological guidelines for the development of graduation papers; 2) the content of presentation and the answers given to the members of commission and reviewer’s questions; 3) the evaluation and comments provided as a result of reviewing the graduation paper. The total assessment of graduation paper is given by summarizing the grades provided by each member of commission, agreeing on the final assessment as a result of a discussion and then voting for it. If there is a dispute, the chairperson of the commission has the deciding vote.

      The results of interim tests and the examinations in the study courses are summarized and analyzed, discussing them at the methodological groups.

Programme price

Yearly programme costs per student correspond to the tuition fee given above.