The history of the Department dates back to the establishment of the Faculty of Engineering and Economics of Kharkiv Institute of Railway Traction and Economics (later Kharkiv Institute of Railway Transport Engineers). So, in 1934 the Department of Transportation Cost Estimates established to teach full-time students; in 1967, the Department began to train extramural students for transport enterprises. Since 1981, the Department, which was by that time renamed as the Department of Accounting, has been teaching full-time students. The first graduates of the Department got their diplomas in 1985. During 1985-2015, more than 2,000 specialists and 200 masters were trained in the full-time mode, and 2,300 specialists were educated in the extramural mode.

In the first years after establishment of the Department it was headed by Dr. Sci. Eng., Prof., Ph.D. in Economics V. M. Orlov. Later, the Department was headed by leading railway accounting experts: Ph.D. in Economics, Associate Professor G.Kh. Krimius, V.G. Andreev, P.F. Semernin, A.P. Bocharnikov. Today, the head of the Department of Accounting and Audit is Ph.D. in Economics, Prof. N.V. Chebanova.

The department is one of the educational and scientific structural subdivisions of the higher educational institution providing educational and methodical, research and educational work; it is responsible for the implementation of the public policy in the field of education. The organization of work of the Department meets the requirements of the new economic policy in accordance with the needs of society in raining of specialists in economics of a new quality. The Department ensures all the necessary conditions, as well as the highly qualified teaching personnel to train specialists.

The Department continuously improves the educational process, works on the development and publication of textbooks and modern teaching and methodological aids, introduces new subjects in view of the requirements of the job market, offers training of masters in new educational programs, actively introduces new forms and methods of teaching in the educational process, provides knowledge, skills and practical experience for the students to work in various areas of accounting, analysis, auditing and taxation. In addition, considerable attention is paid to the adjustment of specialists to the current market conditions. Students receive in-depth knowledge of the organization and administration of accounting procedures for enterprises of various forms of ownership, governmental regulation of the accounting and taxation system, budgeting and strategic management, determination of the accounting policy of enterprises and the internal control over its observance; acquire skills of interpreting the economic indicators presented in the financial statements of enterprises, and use them to develop management decisions to create and operate modern competitive businesses, analyze business activity, plan work, and manage resource. The professors and teachers of the Accounting and Audit Department conduct scientific research and have close ties with enterprises in various industries. The results of scientific developments are effectively implemented into the educational process, used in lectures and practical classes. A computer classroom with 20 desktop PCs where applied accounting software is installed was opened at the department to improve the practical level of training specialists.

The department trains both bachelors and masters for all sectors of the Ukrainian economy.

The department has close creative ties with Ukrainian Railway Private JSC, its regional branches and structural divisions, the Ukrainian Association of Accountants and Auditors, and enterprises in Ukraine and the neighbouring contries