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Audit is the concept of assessing the existence of items in accordance with the norms established by relevant laws, rules, regulations, and standards. Depending on the type of audit, it is classified as financial reporting, internal control performance, and compliance.

According to the Audit Law of Mongolia, audits must be conducted by a legal entity engaged in audit activities and the auditors working for it.

In the case of financial statement audits, auditors conduct an independent evaluation by reviewing, analyzing, and providing guidance to ensure that the relevant financial statements and other information accurately reflect the company's financial performance and position. Users of financial statements make decisions based on financial statements verified through audits. This is an issue more relevant to public interest organizations and is a highly responsible profession as it significantly impacts their decision-making.

  • Prepare audit reports in line with the objectives.
  • Clarify the audit process.
  • Ensure compliance with international auditing standards.
  • Adhere to the code of professional ethics and work independently.
  • Report fraud and scams.
  • Do not disclose any confidential information obtained during work to others or use it for personal purposes.

In terms of responsibility according to the Law on Audit, "the legal entity of the audit shall bear responsibility for the audit findings with its own funds," and according to the Law on Companies, "the audit organization shall be responsible with its own funds for damages arising from the audit conclusions made by it." Therefore, there is a risk that auditors may be held responsible for issuing incorrect audit conclusions and providing inaccurate information to users of reports. Consequently, auditors must be attentive to their own development, knowledge enhancement, adherence to a high level of professional ethics, and maintaining independence. This is crucial for professionals working in this field.

The Accounting Act requires the company's executive management to present its financial statements fairly. In this manner, shareholders should be able to see how the assets entrusted to them have been managed. However, auditors are not responsible for preparing these financial statements for the company's directors and certifying them; otherwise, they would need to report their work to both the directors and shareholders.

Yes. In order to protect the interests of investors and the public, as well as to safeguard the reputation of the industry and the profession, organizations authorized to issue and cancel special licenses, such as the Institute of Certified Public Accountants of Mongolia (CPA), the Ministry of Finance, the National and Local Audit Office, and the Financial Regulatory Commission, regularly monitor and operate within the scope of their goals.

According to the Law on Audit, the organizations required to audit their financial statements vary depending on the organization's field of activity. Joint-stock companies must undergo an audit two weeks or less before the shareholders' meeting, reorganized companies must undergo an audit one month before the change, banking institutions must undergo an audit by March 31 of the next financial year, and other institutions must undergo an audit by April 30 of the next financial year. It is a legal requirement to have the financial statements audited.

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