Governance

Financial Management and Governance Issues in Mongolia

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This report describes accounting and auditing arrangements and practices in Mongolia, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

SEE ALSO

Financial Management and Governance Issues Series Diagnostic Study of Accounting and Auditing Practices Series

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Contents

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Foreword, Contents, and Executive Summary [ PDF:123kb | 18 pages ]

1. INTRODUCTION [ PDF:21kb | 4 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshops
   5. ADB Focus on Financial Governance in Mongolia
   6. Mongolia

2. ACCOUNTING AND AUDITING IN MONGOLIA [ PDF:34kb | 8 pages ]

   Part One. Accounting

   1. Introduction
   2. Issues and Responses since 1990
   3. The ‘Mongolian Accounting System’
   4. Financial Reporting Requirements

   Part Two. Auditing

   5. Introduction
   6. Governing Laws and Regulations
   7. Audit Requirements
   8. Auditor Qualifications
   9. The State Audit Board (SAB)
   10. Public Sector Auditing Issues
   11. Supervision of Bank Audits
   12. Public Accounting and Auditing Firms

3. PROFESSIONAL INFRASTRUCTURE [ PDF:32kb | 7 pages ]
   1. Introduction
   2. The Certified Public Accountant (CPA) Title
   3. Mongolian Institute of Certified Public Accountants
   4. Mongolian Professional Accounting Council (MPAC)
   5. Continuing Professional Education (CPE
   6. Initiatives to Strengthen the Profession

4. ACCOUNTING AND AUDITING STANDARDS [ PDF:31kb | 8 pages ]

   Part One. Accounting Standards

   1. Accounting Standard Setting Responsibilities
   2. Accounting Standard Setting Process
   3. Mongolian Accounting Standards
   4. Conformity with International Accounting Standards
   5. Public Sector Accounting Standards

   Part Two. Auditing Standards

   6. Legal Basis
   7. Development and Promulgation

5. ACCOUNTING AND AUDITING TRAINING [ PDF:32kb | 8 pages ]
   1. Introduction
   2. Educational Coordination
   3. Tertiary Education
   4. Other Training Institutions
   5. Donor-Supported Training Activities

6. GOVERNMENT BUDGETING AND ACCOUNTING [ PDF:48kb | 12 pages ]
   1. Introduction
   2. Legal Framework for Budgeting and Reporting
   3. Budgeting and Reporting Cycle
   4. Accounting Bases
   5. Financial Reporting
   6. Assets and Liabilities Management
   7. Accounting Information Systems
   8. Governance Reform Program
   9. Anti-Corruption Measures

7. DONOR ASSISTANCE [ PDF:31kb | 6 pages ]
   1. Overview
   2. Coordination Mechanisms
   3. Asian Development Bank
   4. International Monetary Fund ( IMF )
   5. The World Bank
   6. United Nations ( UNDP )
   7. Australia ( AusAID )
   8. Japan ( JICA )
   9. European Union ( EU-TACIS )
   10. Germany ( GTZ )

8. ISSUES AND RECOMMENDATIONS [ PDF:58kb | 15 pages ]

   Part One. Where Donor Assistance Might be Appropriate

   1. Institutional Arrangements
   2. Resource and Reference Materials
   3. Supervision of Bank Audits
   4. Public Education on Financial Information
   5. Professional Supervision of CPA Firms
   6. Continuing Professional Education (CPE) for CPAs
   7. MICPA Membership Categories
   8. Countryside Training
   9. Training for Accounting Lecturers and Professors

      Part Two. Where External Assistance is Not Required

      10. Improving Audit Quality through Legislative Changes
      11. Recognition of Public Sector Accounting Policies
      12. Granting of CPA Certificates
      13. Reclassification of CPA Titles

   10. MAIN DEFICIENCIES AND ACTION PLAN [ PDF:26kb | 4 pages ]

REFERENCES AND APPENDIXES [ PDF:82kb | 25 pages ]