Programm Bystrova

Subject:
Audit
Speciality:
Business Management and Business Economics
Specialization: all
The Program is designed at the Department of Economics and Management of the Institute of
Economics and Management by J. Bystrova, PhD
MAIN OBJECTIVES OF TEACHING AND REQUIREMENTS TO STUDENTS PROFICIENCY AND
COMPETENCE
The present program is intended for students of all forms of training in the Institute of
Economics and Management.
The main objective of studying this discipline is to obtain knowledge and competence in
organization, planning and methods of auditing at enterprises in compliance with the
international standards and laws of Estonia, and also with the demands to qualification of the
auditor.
Students covering the Program are supposed to obtain certain comprehension, knowledge and
competence.
Knowledge
- of the demands of laws of Estonia to auditor companies and especially to auditors;
- of the rules of auditing in Estonia;
- of the types of audit: internal and external;
- of the technology of auditing;
- of the stages of planning of audit in an enterprise;
- of the forms of auditors conclusion;
- of the technique of financial analysis of an enterprise;
- of the algorithm of auditing of fixed and circulating assets, a cycle of realization and
earning profit.
Comprehension
- of necessity of auditing;
- of standards of organization of audit;
- of the hazards influencing on the activity of enterprise;
- methods of realization of audit sample;
- of the advantages of testing of organization of internal control in the enterprise;
- of the principles of internal auditing in the enterprises.
Competence
-
in defining of a level of importance of information considering the acceptable audit

hazard;
in estimating of system of internal control and in calculating of audit hazard;
in conducting of analytical procedures at different stages of auditing;
in programming of audit;
in using of economic information available in forms of internal and external reports.
in preparing of audit conclusion;
in conducting audit of concrete kinds of property and assets according to accepted
methods.
The course is intended for 3 credits which include 60 academic class hours and 120 academic hours of
solitary work of students.
Students of part-time evening and part-time weekend forms of training have a reduced number of class
hours and they are offered more hours of solitary work and individual consultations with a teacher.
Subject:
Speciality:
Specialization:
Real Estate Economics

all
The Program is designed at the Department of Economics and Management of the Institute of Economics
and Management by J. Bystrova, PhD
COMPETENCE
The present program is intended for students of all forms of training in the Institute of Economics and
Management.
The main objective of studying this discipline is to obtain knowledge and competnce in the field of
functioning of real estate market and also in principles and methods of real estate estimation.
Students covering the Program are supposed to obtain certain comprehension, knowledge and
competence.
Knowledge
of system of economic, organizational and legal relation on the real estate market
considering both legislative and normative statements of Estonia and the EU;
of theory of real estate classification, its estimation, operations with real estate
mortgage, rent and purchase and sale;
of principles and approaches of real estate estimation;
of main features of formation of real estate market;
of cost making of real estate.
Comprehension:
- of features of formation of real estate market as a commodity and its life cycle;
- of both economic and legal parts of real estate and their interrelation;
- of activity of agents of real estate market;
- of contents and structure of contracts with real estate objects;
- of modern forms of hypothecary crediting.
Competence
-
in classifying, analyzing and evaluation of different real estate objects;

in defining different kinds of cost/value: book cost; liquidating value, investment cost and
market value.
In calculating of depreciation of fixed assets and real estate;
In justification of method of valuation for the concrete real estate;
in using of different methods of real estate valuation: hang-the-expense method,
comparative method and revenue method;
in defining a discount rate: methods of WACC, CAPM and Gordons Method;
in selection of variants for comparison;
in calculating of price multipliers.
The discipline is based on the economic theory and on such subjects as Business Economics,
Marketing, Management and property law, etc.
Subject:
Speciality:
Specialization:
Corporate Finances
all
COMPETENCE
Management.
The main objective of studying this discipline is to obtain knowledge and competence
in efficient control and movement of corporate finances;

in justification of choice and forms of capital formation and its using;
in achieving financial stability of enterprise.
Students covering the Program are supposed to obtain certain comprehension, knowledge
and competence.
Knowledge
of sources and directions of use of financial resources at the enterprise;

of conditions of receiving of loans in credit institutions of Estonia, including allowances from
Structural funds of EU;
of specific forms of capital formation at the enterprise: leasing, factoring, acceptance credit,
etc.
of tools and methods of financial management at the enterprise;
of financial risks and measures for their reduction;
of processes of formation of income, costs and profits at the enterprise;
of sources of capital formation and its using at the enterprise.
Comprehension
of tendencies of development of financial transactions in different spheres of financial
system of country and firms;
of a structure, elements and tools of financial markets and operating on the markets;
of originality of management methods, and financial resources planning;
of specificity of income and costs formation inside the enterprise taking into account its
organizational structure;
of principles of formation of dividend policy of the enterprise.
of signs of bankruptcy at the enterprise.
Competence
in applying strategy and tactics of a financial provision of business;
in finding the optimum financial decisions on the basis of analysis of changes of fact
activities;
in estimating of property and sources of its financing for maintenance and development;
in evaluate of solvency and financial stability of enterprise using one of the existing
methods;
in taking into account the influence of time factor on state of money recourses, i.e.
discounting of cash flows;
in justification of choice of the most acceptable form of fixed assets formation at the
enterprise;
in using of calculating-analytical and balance method of planning for making scheduled
forms;
in defining of profitableness of the enterprise using the system of profitableness parameters;
in analyzing of existing forms of financial accounting.
The course is intended for 2 credits which include 60 academic class hours and 120 academic hours of solitary work
of students.
Students of part-time evening and part-time weekend forms of training have a reduced number of class hours and
they are offered more hours of solitary work and individual consultations with a teacher.
Subject:
Speciality:
Specialization:
Costs Management 1AP

all
COMPETENCE
Management.
The main objective of studying this discipline is to obtain knowledge and competence
in costs management at the enterprise with the purpose of resources saving and their
effective use;
in formation of analytical thinking.
and competence.
Knowledge
- of principles of costs formation at the enterprise;
- of classification and kinds of costs: fixed and variable, direct and indirect, etc.
- of main directions of costs reduction and profit maximization at the enterprise;
- of marginal profit concept.
Comprehension
- of methods of resource management;
- of influence of production features on the process of costs management.
Competence
in costs classification for different purposes of management;

in calculation of different costs;
in economic and graphic interpretation of results.
in using of tools of marginal concept in practical accounts.
in developing of concrete actions on reduction both fixed and variable costs and in
finding their influence on profit.
Subject:
Speciality:
Specialization:
Enterprise Assessment 2AP

all
COMPETENCE
theoretical, methodical and practical approaches to estimation of market value of business
considering international practice and features of Estonian market.
and competence.
Knowledge
- of tools for estimation of business: subject and object of estimation, kinds of cost/value;
- of principles of business assessment and factors influencing on its level;
- of typical stages of business assessment;
- of main principles of selection of analogues of enterprise and selection criteria;
- of main regulations of International standard of business assessment.
Comprehension
- of firm as an object of assessment;
- of possibilities of different approaches to business assessment;
- of influence of special features of business on its assessment, purposes of assessment:
investments, dissolution of a company, etc.
Competence
-
in
in
in
in
using of system of information for receiving basic data for assessment;

conducting of control of time factor and its influence on cash flows.
using of main methods of business assessment considering a risk factor and time;
finding of both predictive and postpredictive period of estimation;
in using tools and methods of business assessment: profitable, comparative and hangthe-expense;
in justifying a choice of an assessment method and a level of discounting rate
(capitalization);
in calculation of price multipliers;
in using of balance method and method of net assets for hang-the-expense approach
of business assessment.
The course is intended for 2 credits which include 60 academic class hours and 120 academic
hours of solitary work of students.
Students of part-time evening and part-time weekend forms of training have a reduced number of
class hours and they are offered more hours of solitary work and individual consultations with a
teacher.
Subject:
Speciality:
Specialization:
Business Reorganization (Sanitation) 1AP

all
COMPETENCE
Management.
The main objective of studying this discipline is to obtain knowledge and competence in diagnostics of
financial condition of an enterprise and realization of actions connected to financial improvement of an
enterprise considering the laws of Estonia.
and competence.
Knowledge
- of economic and legal aspects of sanitation/reorganization;
- of main features of bankruptcy in Estonia;
- of legal forms of sanitation/reorganization;
- of main features of business-planning for sanitation/reorganization of the
enterprises.
Comprehension
- of main items of bankruptcy legislation of Estonia;
- of functions of bankruptcy manager;
- of rights and duties of a debtor.
Competence
-
in estimation and prognostics of financial condition of the enterprise;

in giving variants of development and taking optimal decision;
in analyzing of results of financial account and giving recommendations on increase of

financial stability of the enterprise;
in developing of concrete actions on sanitation/reorganization schedule.
Subject:
Speciality:
Specialization:
Anti-recessionary Management 2AP

all
COMPETENCE
recognition and diagnostics of crises prevention, crises management and surmounting the
crisis.
and competence.
Knowledge
- of the main regulations of the theory of anti-recessionary management;
- of principles and methods of analysis of crisis situations and the ways its surmounting;
- of bankruptcy legislation of Estonia;
- of features of formation of anti-recessionary strategy and tactics at different stages of
enterprise life cycle;
- of methods of reduction of risks at the enterprise;
- of features of planning of sanitation/reorganization of the enterprises.
Comprehension
- of reasons of crises;
- of hazards influencing on the activity of the enterprise;
- of the main regulations of bankruptcy legislation of Estonia;
- of system of anti-recessionary management and surmounting program;
- of functions of a bankruptcy manager;
- of rights and duties of a debtor.
Competence
-
in revealing of signs of bankruptcy;

in making an effective administrative decision in conditions of uncertainty, extreme
situations and insolvency of the enterprise;
in defining of a level of financial risk at the enterprise;
in conducting of SWOT - the analysis of the position the enterprise on the market;
in planning surmounting;
in giving recommendations on liquidation of a crisis situation at the enterprise.
Subject:
Speciality:
Specialization:
Business Planning 1,5 AP

all
COMPETENCE
Management.
The main objective of studying this discipline is to obtain knowledge and competence in business
planning, developing of innovative thinking and responsible decision-making.
and competence.
Knowledge
- of principles and approaches to business planning;
- of methods of development of business ideas;
- of methods of research of the market and market possibilities.
Comprehension
- of structure and interrelation of basic sections of business plan;
- of Influence of objective and subjective factors on preparation of business plan.
Competence
-
in defining of the sum of initial capital;

in calculation of current expenses of firm for wages, municipal services, rent,
amortization, norms of stocks of raw materials;
in calculation of the product cost;
in calculation of sales expectation;
in justifying of wholesale and retail prices of the goods;
in making of finance plan: plan of incomes and costs, budgeted balance sheet and
cash flow forecast.
in calculation of parameters of profitability;
in assessment of hazards influencing on the business.

Programm Bystrova

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Programm Bystrova

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Subject:

in defining of a level of importance of information considering the acceptable audit

Real Estate Economics

in classifying, analyzing and evaluation of different real estate objects;

in efficient control and movement of corporate finances;

of sources and directions of use of financial resources at the enterprise;

Costs Management 1AP

in costs classification for different purposes of management;

Enterprise Assessment 2AP

using of system of information for receiving basic data for assessment;

Business Reorganization (Sanitation) 1AP

in estimation and prognostics of financial condition of the enterprise;

in analyzing of results of financial account and giving recommendations on increase of

Anti-recessionary Management 2AP

in revealing of signs of bankruptcy;

Business Planning 1,5 AP

in defining of the sum of initial capital;

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