- •2. Intertemporal choice problem as foundation of the modern theory of finance.
- •3. Basic economic theory of risk. Expected utility function, risk premium and risk aversion measures.
- •4. Technology, profit maximization and theory of firm and industry supply
- •5. Production costs in short run vs long run and cost minimization problem.
- •Variable Costs
- •Isocost Lines
- •6. Types of industrial markets. The model of perfect competition.
- •7. The theory of monopoly. State regulation of monopoly markets.
- •8. (И.К.)Models of oligopoly and game theory applications
- •9. 9. Institutional foundations of economic systems. The economic theory of property rights.
- •10. Transaction costs: the origin, nature, classification, measurement problems.
- •11. Theory of information, properties, info asymmetry and methods of overcoming it
- •Information asymmetry
- •12. Gdp as an indicator of economic results of the macroeconomic system.
- •Income approach
- •13. Aggregate demand and aggregate supply. The ad-as model.
- •14. Consumption, savings and investment. “Keynesian Cross”.
- •15. Money market. The demand for money and supply, factors that determine them. Equilibrium in the money market.
- •16.Joint balance of real and monetary sectors of the economy (model is-lm).
- •17. Cycles of economic dynamics. Sources of cyclical fluctuations in economic conditions.
- •18. Inflation, its types and methods of measurement. Factors and consequences of inflation. Anti-inflationary policies.
- •19. Disequilibrium in the labor market. Unemployment and its types and methods of measurement.
- •20.Globalization and the polarization in the modern world economy.
- •21.General economic equilibrium in an open economy (model Mandell - Fleming).
- •Is components
- •22.(И.К.)Efficient Market Hypothesis (emh): Concept, Forms, Arguments for and against.
- •23. Economic Data and Econometric Analysis. Four types of Economic Data. Role of Econometrics. Main Application of Econometrics.
- •24. Financial Econometrics, it’s object. Type of equations in mathematical modeling: behavioral equations and identities.
- •25,26,27,29 Simple regression analysis. The Simple Linear Model. Least Squares Regression. Interpretation of a Regression Equation.
- •28.Ordinary Least Squares (ols). The Gauss – Markov Theorem.
- •30.Heteroscedasticity. Possible Causes of Heteroscedasticity. The Goldfeld–Quandt Test.
- •31.Autocorrelation. Possible Causes of Autocorrelation. The Durbin–Watson Test.
- •32.Multiple Regression Analysis. Derivation of the Multiple Regression Coefficients.
- •33.Properties of the Multiple Regression Coefficients: unbiasedness, efficiency, precision, consistency.
- •34.Multiple Regression Analysis. Problem of Multicollinearity.
- •35. Purchasing Power Parity Theory: Concept, Forms, Application
- •36. Fisher Effect Parity Theory: Concept, Application
- •37 International Fisher Effect Parity Theory: Concept, Application
- •38. Interest Rate Parity Theory: Concept, Application
- •39. The composition of the global financial market: instruments, participants, sources of information.
- •41. Types of banks and their role in the international financial market.
- •42. The global equities market: size, indicators, principles of organization.
- •43. The global debt securities market: composition, principles of organization.
- •44. The international debt securities: types and organization.
- •45. The government bond markets: size, composition, significance.
- •46. Mortgage-backed securities: mechanism of issuance, the role in the international financial crisis of 2007-2009.
- •47. Exchange-traded derivatives: types, functions, mechanism of trading.
- •48.Otc derivatives. Swaps.
- •49. Types of institutional investors and their role in the global financial markets.
- •50. The functions of the international financial organizations (imf, World Bank, bis).
- •International trade financing
- •52. International banking: the structure and operational function, the services offered, and measures to improve the efficiency and effectiveness of the international banking organization.
- •53. The major issues in International banking: international money laundering, international banking crisis, regulation of international banking, and offshore banking markets.
- •54. Acquisitions and Mergers in Financial Services Management.
- •55.Measuring and evaluating the performance of banks: financial ratio analysis, profitability analysis.
- •57. Bank Financial Management:
- •58.(И.Р.)Requirements for an effective audit and evaluation of evidence (Не полностью описал)
- •59. The audit process and audit report
- •60. Generally Accepted Auditing Standards and Code of Professional Conduct
- •Accounting principles;
- •Confidential client info not disclose without specific consent.
- •61. Cost concepts, classification, and allocation.
- •62. Job order costing system & cost flow
- •63. Process costing and equivalent production
- •65.(И.Р.)Cost behavior and cvp analysis
- •66. Accounting Cycle, Generally Accepted Accounting Principles, and Financial Statements
- •Accounting Cycle – Steps During the Accounting Period
- •Accounting Cycle: Steps at the end of the accounting period
- •67. Merchandising operations & inventories
- •Inventory Costing Methods
- •Perpetual fifo
- •Perpetual lifo
- •68. Internal control, cash and receivables
- •69. Current & long term Liab.
- •70.Long term Assets.
- •71. Contributed Capital & corporate statements.
- •72.(И.Р.)Cash flow statement
- •73. Accounting Rate of Return Method as an Investment Rule. Application and possible Problems
- •74. Payback Method as an Investment Rule. Application and possible Problems.
- •75. Internal Rate of Return Method as an Investment Rule. Application and possible Problems.
- •76. Profitability Index Method as an Investment Rule. Application and possible Problems.
- •1) The method requires an estimate of the cost of capital in order to calculate the profitability index
- •2) The method may not give the correct decision when used to compare mutually exclusive projects.
- •77. Net Present Value Method as an Investment Rule. Application and possible Problems.
- •78. Capital Structure Concept.
- •79. Dividend Policy
- •80. Arbitrage Pricing Theory (apt)
- •81. Capital Asset Pricing Model (capm)
- •82. Fama and French Three Factor Model of Assets Pricing
- •83. Duration concept, application, concept of convexity, and how convexity affects macalay’s duration
- •83. Duration concept, application, concept of convexity, and how convexity affects macalay’s duration
- •84. Valuation based on Price Multiples: p/e, p/bv, p/s.
- •85. (И.К.)Asset Based Valuation Model, Residual Income Valuation Model Asset-based valuation
- •86.(И.Р.)Dividend Discount Model
- •87. Discounted Cash Flow (dcf) Valuation Model
- •88. Capital Structure: Differences between Companies
- •89. Capital structure: Differences between Countries.
- •90. Exporting as a foreign market mode, merits, demerits
- •91. Collaborative Arrangements: Licensing, Franchising, Management Contracts
- •92. (И.К.)Risky assets and portfolio optimization problem.
- •Investors can use either a top-down or bottom-up approach:
- •95. Credit Risk Models
- •96. International Diversification: investing in different markets.
- •97. Translation exposure
- •98. Transaction Exposure.
- •99. Operational Exposure
- •100.(И.Р.)Foreign Direct Investments: Joint Ventures, wholly owned Subsidiaries
- •101. Securitization (s): creation of abSs, participants and functions, securitization’s impact and risks, regulators’ concerns.
- •103. Classification and comparative characteristics of derivatives.
- •1.By the relationship between the underlying asset and the derivative :
- •3.By the market in which they trade:
- •1.Call and Put options
- •2.Exchange-traded or Over-the-counter (otc) options
- •105. Swaps: concept, types, strategies for using
- •106. Futures: concept, types, strategies for using
59. The audit process and audit report
The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion of the person / organization / system (etc.) in question, under evaluation based on work done on a test basis.
Process of Auditing includes: Evaluating Internal Controls, Testing the Substance of Transactions & Balances.
-Internal controls are policies & procedures put in place by management to ensure the integrity of the accounting system; -Internal controls are tested because the more effective the accounting system is, then the more reliable the output—the financial statements!
The stronger the client’s internal control system, the higher the confidence in its output! Evidence must support such conclusions by auditor.-Evidence must be sufficient; -Evidence must be valid & relevant;
- Evidence must be unbiased, and objectively gathered in light of practicality.
Sufficient & Competent Evidence
-Sufficient evidence provides reasonable assurance of freedom from material misstatement. -Competence concerns the degree of reliability: 1.Externally generated evidence is more convincing than client generated evidence. 2.Generation under extensive controls is more convincing than under weak control systems. Competent evidence must also be valid & relevant.
The auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit or evaluation performed on a legal entity or subdivision thereof (called an “auditee”). The report is subsequently provided to a “user” (such as an individual, a group of persons, a company, a government, or even the general public) as an assurance service in order for the user to make decisions based on the results of the audit.
An auditor’s report is considered an essential tool when reporting financial information to users, particularly in business. Since many third-party users prefer, or even require financial information to be certified by an independent external auditor, many auditees rely on auditor reports to certify their information in order to attract investors, obtain loans, and improve public appearance. Some have even stated that financial information without an auditor’s report is “essentially worthless” for investing purposes.
There are four common types of auditor’s reports, each one presenting a different situation encountered during the auditor’s work:
1) Unqualified Opinion - An opinion is said to be unqualified when the Auditor concludes that the Financial Statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the Financial Statements.
2) A Qualified Opinion report - is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles, however the rest of the financial statements are fairly presented.
3) An Adverse Opinion - is issued when the auditor determines that the financial statements of an auditee are materially misstated and, when considered as a whole, do not conform with GAAP
4) A Disclaimer of Opinion - commonly referred to simply as a Disclaimer, is issued when the auditor could not form, and consequently refuses to present, an opinion on the financial statements. This type of report is issued when the auditor tried to audit an entity but could not complete the work due to various reasons and does not issue an opinion.