Auditing
- The Auditing Law of 1997 requires that licensed audit companies must conduct audits. The Minister of Finance and Economy is responsible for approving applications for licenses and relies on the recommendation of the MPAC. Qualified CPAs must staff audit companies.
Auditing requirements
- Article 7 of the Auditing Law 1997 requires that the following entities be subject to an annual independent audit:
Banks, Insurance companies, joint stock companies, companies willing to be listed on stock exchanges, entities with total assets over 50 million Tugriks, entities with foreign investment, nonbanking organizations, broker-dealer operations, investment funds, political parties
"Let your company be checked by a
professional and approved auditing company"