WORKING COMMITTEE

Overall direction and administration is provided by the MonICPA’s staff dividing into committees headquartered in Ulaanbaatar. Composition of the committees shall be approved by the Council members.


Audit Committee

Audit Committee is divided into the following subcommittees:

-          Audit Standards Subcommittee 

-          Audit Firms Management Subcommittee

-          Audit Assurance Quality Review Subcommittee

-          Subcommittee for Review of Professional Designation

Audit Standards Sub Committee is committed to:

-          Translate international standards on auditing and other pronouncements promulgated by the International Auditing and Assurance Standards Board of the IFAC and inform to the members;

-          Develop national standards on auditing;

-          Inform the revised and amended standards on auditing in a timely manner;

-      Develop guidelines to pursue in audit engagements and develop audit quality assurance standards, improve and pursue the standards;

-          Develop standards on compilation, maintenance and protection of working papers and enforce the standards;

-          Develop instructions and recommendations on application of auditing standards; and

-          Inform the activities carried out by the International Auditing and Assurance Standards Board of the IFAC to members.

 

Audit Assurance Quality Review Subcommittee is committed to:

-          Prepare schedule for audit quality assurance review and conduct the review as required;

-          Monitor implementation of audit standards, instructions and recommendations;

-          Present outcome of the review to the audit committee members;

-          Monitor compilation, maintenance and protection of working papers;

-        Develop comments on solution to challenges and issues arisen in the practice by applying auditing standards, and introduce the solution to the audit committee members; and

-          Draft comments on solution of disputes arisen due to audit engagements.

Audit Firms Management Subcommittee is committed to:

-          Develop recommendations on improvement of audit firms;

-          Create internal audit quality assurance system within an audit firm and develop guidelines for that purpose;

-          Establish standard tariff for audit service fee and update the tariff regularly;

-          Make decision on disputes arisen in pursuing standard tariff;

-          Make decision on application of audit software; and

-          Improve internal audit standards.

 Subcommittee for Review of Professional Designation is committed to:

-          Keep and update registration of auditors; and

-          Discuss matters related to granting and terminating audit license to candidates and provide appropriate comments.

Accounting Methodology Committee

Accounting Methodology Committee has 2 subcommittees, namely Financial Accounting Subcommittee and Cost and Management Accounting Subcommittee.  

Accounting Methodology Committee is committed to:

-          Prepare proposals on adoption and improvement of accounting standards;

-          Translate international financial reporting standards and promote its adoption;

-       Develop instructions, manuals and other materials on financial, cost and management accounting and management advisory service for dissemination;

-        Coordinate the activities of improving standards and instructions on preparing financial statements with relevant government and non government;

-     Publish manual and textbooks on financial, cost and management accounting, accounting information system and financial management;

-          Advice to business entities on accounting issues; and

-          Provide members with updated information.

Training Committee

Training Committee has the following subcommittees:

-          Training Program;

-          Organizing Trainings; and

-          CPA Examination

Training Committee is committed to:

-          Develop instruction on assessment of academic curriculum and syllabus of universities, institutes and colleges where accounting professionals are prepared;

-          Conduct trainings aimed at preparing accountants for CPA examination, and provide qualification training for CPAs;

-         Develop procedures on CPA examination, develop training program and schedule and improve skills and competence of lecturers/ tutors;

-          Develop training materials and manual;

-          Print out and translate single-theme research works on accounting issues;

-          Edit articles and other materials to be posted on the Institute’s periodicals; and

-          Provide CPAs with updated information.

 
Ethics Committee

Ethics Committee has two subcommittees of Information and Marketing Subcommittee and

Subcommittee for Investigation and Discipline.

 

Ethics Committee is committed to:

-          Develop the code of professional conduct for CPAs, submit it for approval and make regular update thereto.

-          Supervise over observation of the code of ethics of CPAs

-          Keep and maintain registry of CPAs and audit firms, and renew their registry.

-          Make conclusion on disputes and conflicts due to breach of ethics by CPAs and audit firms, and prepare its opinion thereon.

-          Receive reports from each member and take deep investigation in them and submit the conclusion to the Council of the institute.