ACCOUNTING PROFESSION OVERVIEW

Mongolian Institute of Certified Public Accountants (MonICPA) was established on 9 March 1996. The MonICPA has 25 branches located in Ulaanbaatar and other provinces. Each branch of the MonICPA regulated by the Law on Auditing (governing authority to MonICPA), it has the principal obligations as follows:

* Administer the professional accounting examinations;

* Approve and enforce the Code of Professional Conduct and Ethics;

* Provide certified public accountants (CPA) exam preparation courses, conduct continuing CPA professional education training; and

* Provide audit firms with methodology, consultancy, and information.

• Shall carry out activities only to the extent as permitted by the institute’s By-Law. All members whose number has reached more than 250 shall belong to the branch located wherein they live and work. As well, the MonICPA has 137 member organizations which comprises of an individual audit firm. These audit firms do belong to a branch according to its location.

• Overall direction and administration is provided by the MonICPA staff headquartered in Ulaanbaatar. The Institute’s staff is comprised of Council, President, Chief Executive Director, two Deputy Directors and working Committees.

Professional Body Profile

• The elected assembly of delegates, who are voted in by MonICPA members and hold a four-year term, is MonICPA’s governing body.

• The Council comprises 19 members for 4-year term where Chairman of Council and President is elected among them.

• Powers of Council:

• Define the institute’s policy and strategy along with objectives and control over its implementation;

• Appoint and dismiss Chief Executive;

• Approve structure of institute and number of executive staff;

• Approve the institute’s annual budget;

• Propose amendments to the Code of Professional Conduct and enforce its implementation;

• Submit recommendation(s) on suspension and revocation of CPA title and a license of audit firms in case of breach of the code of ethics, to the relevant government body.