Mongolia : Accounting and Auditing

This report provides an assessment of corporate sector accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Mongolia. For purposes of this report, the corporate sector includes all...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
Published: Washington, DC 2012
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/8055
id okr-10986-8055
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCESS TO CREDIT
ACCESS TO INFORMATION
ACCOUNT
ACCOUNTABILITY
ACCOUNTANCY
ACCOUNTING
ACCOUNTING CURRICULA
ACCOUNTING CURRICULUM
ACCOUNTING EXAMINATIONS
ACCOUNTING FIRM
ACCOUNTING RECORDS
ACCOUNTING SERVICES
ACCOUNTING STANDARDS
ACCOUNTING SYSTEMS
ACCOUNTS
ACCRUAL ACCOUNTING
ACCURATE INFORMATION
ANNUAL INCOME
ASSESSMENT OF RISK
AUDIT ENGAGEMENTS
AUDIT REPORTS
AUDIT TRAILS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITING PRINCIPLES
AUDITING PROFESSION
AUDITING STANDARDS
AUDITORS
AUDITS
AUTONOMY
BALANCE SHEET
BANK ACCOUNTS
BANK GUARANTEES
BANK LENDING
BANKING LAW
BANKING SECTOR
BANKING SUPERVISION
BANKING SYSTEM
BANKRUPTCY
BANKS
BOOK VALUE
BORROWER
BUSINESS CLIMATE
BUSINESS COMMUNITY
CAPITAL BASE
CAPITAL MARKET
CASH FLOW
CERTIFIED PUBLIC ACCOUNTANT
CERTIFIED PUBLIC ACCOUNTANTS
CLEARINGHOUSES
COLLATERAL
COMMERCIAL BANK
COMMERCIAL BANKS
COMMODITIES
CONFIRMATIONS
CONFLICT OF INTEREST
CONSOLIDATED FINANCIAL STATEMENTS
CONTRACTORS
COOPERATIVES
COST ACCOUNTING
CREDITS
CURRENT ASSETS
CURRENT PROGRAM
CURRICULUMS
DEBT
DEBTOR
DEBTORS
DEBTS
DEPRECIATION
DEVELOPMENT BANK
DIRECT INVESTMENT
EDUCATION PROGRAMS
EDUCATION STANDARDS
ENTREPRENEURSHIP
EXCHANGE RATE
EXCHANGE RATES
EXPENDITURES
EXTERNAL AUDITORS
FINANCIAL ACCOUNTING
FINANCIAL COMMUNITY
FINANCIAL INFORMATION
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INTERMEDIATION
FINANCIAL LOSSES
FINANCIAL MANAGEMENT
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL POSITION
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL REPORTS
FINANCIAL RESOURCES
FINANCIAL SECTOR
FINANCIAL SECTORS
FINANCIAL STATEMENTS
FIXED ASSET
FOREIGN INVESTMENTS
GOOD PRACTICE
GOOD PRACTICES
INCOME
INCOME TAXES
INFLATION
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE ASSETS
INTEREST RATES
INTERNAL AUDITORS
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INVENTORY
INVESTMENT CLIMATE
LARGE COMPANIES
LARGE ENTERPRISES
LAWS
LEGAL ADVICE
LEGAL FRAMEWORK
LEGISLATION
LENDER
LENDERS
LIABILITY
LIFETIME
LOAN
LOAN DISBURSEMENT
LOCAL GOVERNMENT
MACROECONOMIC STABILITY
MAINTENANCE COST
MAINTENANCE COSTS
MANDATES
MARKET ECONOMY
MARKET PARTICIPANTS
MEDIUM ENTERPRISES
MINORITY SHAREHOLDER
MINORITY SHAREHOLDERS
PARENT COMPANIES
PARENT COMPANY
PENALTIES
PRIVATIZATION
PRODUCTIVITY
PRUDENTIAL REQUIREMENTS
PUBLIC CONFIDENCE
QUALITY ASSURANCE
QUALITY AUDITS
QUALITY CONTROL
REGULATORY FRAMEWORK
RESPONSIBILITIES
RISK ASSESSMENT
SAVINGS
SECURITIES
SENIOR
SHARE CAPITAL
SOCIAL INSURANCE
STAKEHOLDER
STAKEHOLDERS
STATISTICAL ANALYSIS
STATUTORY AUDITORS
STOCK EXCHANGE
SUBSIDIARIES
SUBSIDIARY
SUPERVISORY AGENCIES
TAX LAW
TAX PREPARATION
TAXATION
TOTAL COST
TRAINING COURSES
TRAINING PROGRAMS
WAGES
WORK EXPERIENCE
WORLD MARKET
spellingShingle ACCESS TO CREDIT
ACCESS TO INFORMATION
ACCOUNT
ACCOUNTABILITY
ACCOUNTANCY
ACCOUNTING
ACCOUNTING CURRICULA
ACCOUNTING CURRICULUM
ACCOUNTING EXAMINATIONS
ACCOUNTING FIRM
ACCOUNTING RECORDS
ACCOUNTING SERVICES
ACCOUNTING STANDARDS
ACCOUNTING SYSTEMS
ACCOUNTS
ACCRUAL ACCOUNTING
ACCURATE INFORMATION
ANNUAL INCOME
ASSESSMENT OF RISK
AUDIT ENGAGEMENTS
AUDIT REPORTS
AUDIT TRAILS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITING PRINCIPLES
AUDITING PROFESSION
AUDITING STANDARDS
AUDITORS
AUDITS
AUTONOMY
BALANCE SHEET
BANK ACCOUNTS
BANK GUARANTEES
BANK LENDING
BANKING LAW
BANKING SECTOR
BANKING SUPERVISION
BANKING SYSTEM
BANKRUPTCY
BANKS
BOOK VALUE
BORROWER
BUSINESS CLIMATE
BUSINESS COMMUNITY
CAPITAL BASE
CAPITAL MARKET
CASH FLOW
CERTIFIED PUBLIC ACCOUNTANT
CERTIFIED PUBLIC ACCOUNTANTS
CLEARINGHOUSES
COLLATERAL
COMMERCIAL BANK
COMMERCIAL BANKS
COMMODITIES
CONFIRMATIONS
CONFLICT OF INTEREST
CONSOLIDATED FINANCIAL STATEMENTS
CONTRACTORS
COOPERATIVES
COST ACCOUNTING
CREDITS
CURRENT ASSETS
CURRENT PROGRAM
CURRICULUMS
DEBT
DEBTOR
DEBTORS
DEBTS
DEPRECIATION
DEVELOPMENT BANK
DIRECT INVESTMENT
EDUCATION PROGRAMS
EDUCATION STANDARDS
ENTREPRENEURSHIP
EXCHANGE RATE
EXCHANGE RATES
EXPENDITURES
EXTERNAL AUDITORS
FINANCIAL ACCOUNTING
FINANCIAL COMMUNITY
FINANCIAL INFORMATION
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INTERMEDIATION
FINANCIAL LOSSES
FINANCIAL MANAGEMENT
FINANCIAL MARKET
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL POSITION
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL REPORTS
FINANCIAL RESOURCES
FINANCIAL SECTOR
FINANCIAL SECTORS
FINANCIAL STATEMENTS
FIXED ASSET
FOREIGN INVESTMENTS
GOOD PRACTICE
GOOD PRACTICES
INCOME
INCOME TAXES
INFLATION
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INTANGIBLE ASSETS
INTEREST RATES
INTERNAL AUDITORS
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INVENTORY
INVESTMENT CLIMATE
LARGE COMPANIES
LARGE ENTERPRISES
LAWS
LEGAL ADVICE
LEGAL FRAMEWORK
LEGISLATION
LENDER
LENDERS
LIABILITY
LIFETIME
LOAN
LOAN DISBURSEMENT
LOCAL GOVERNMENT
MACROECONOMIC STABILITY
MAINTENANCE COST
MAINTENANCE COSTS
MANDATES
MARKET ECONOMY
MARKET PARTICIPANTS
MEDIUM ENTERPRISES
MINORITY SHAREHOLDER
MINORITY SHAREHOLDERS
PARENT COMPANIES
PARENT COMPANY
PENALTIES
PRIVATIZATION
PRODUCTIVITY
PRUDENTIAL REQUIREMENTS
PUBLIC CONFIDENCE
QUALITY ASSURANCE
QUALITY AUDITS
QUALITY CONTROL
REGULATORY FRAMEWORK
RESPONSIBILITIES
RISK ASSESSMENT
SAVINGS
SECURITIES
SENIOR
SHARE CAPITAL
SOCIAL INSURANCE
STAKEHOLDER
STAKEHOLDERS
STATISTICAL ANALYSIS
STATUTORY AUDITORS
STOCK EXCHANGE
SUBSIDIARIES
SUBSIDIARY
SUPERVISORY AGENCIES
TAX LAW
TAX PREPARATION
TAXATION
TOTAL COST
TRAINING COURSES
TRAINING PROGRAMS
WAGES
WORK EXPERIENCE
WORLD MARKET
World Bank
Mongolia : Accounting and Auditing
geographic_facet East Asia and Pacific
Mongolia
description This report provides an assessment of corporate sector accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Mongolia. For purposes of this report, the corporate sector includes all private sector and state-owned enterprises. The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation to evaluate institutional capacity and make policy recommendations. Since 1993, the World Bank and other development partners of Mongolia have provided financial and technical support to help Mongolia develop a legal framework, facilitate accounting education and adoption of IFRS and ISA by enterprises, constitute a new professional body, establish the examination of certified public accountants, and strengthen accounting and auditing in both public and private sectors. As a result, Mongolia has made significant changes from the old accounting for planned economic system to a new market-oriented accounting system that follows international good practices. All key economic sectors in Mongolia rely on high-quality financial information, which requires high-quality private sector accounting and auditing. Reforms, liberalization, and deregulation to further enhance the Mongolian business environment must be supported by enhanced financial transparency and improved accounting and auditing practices. Increased levels of both foreign direct investment and domestic investment demand higher-quality financial information consistent with international standards. Continuing the strengthening and development of financial reporting, accounting and auditing, and the regulatory framework that governs them, will bring benefits to Mongolia and its citizens. In this context, this report sets out policy recommendations to enhance the quality of corporate financial reporting and foster a financial reporting platform conducive to sustainable private and financial sector growth, thus increasing access to global financial markets and other tools of the market economy.
format Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author World Bank
author_facet World Bank
author_sort World Bank
title Mongolia : Accounting and Auditing
title_short Mongolia : Accounting and Auditing
title_full Mongolia : Accounting and Auditing
title_fullStr Mongolia : Accounting and Auditing
title_full_unstemmed Mongolia : Accounting and Auditing
title_sort mongolia : accounting and auditing
publisher Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/8055
_version_ 1764402900409253888
spelling okr-10986-80552021-04-23T14:02:35Z Mongolia : Accounting and Auditing World Bank ACCESS TO CREDIT ACCESS TO INFORMATION ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING EXAMINATIONS ACCOUNTING FIRM ACCOUNTING RECORDS ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS ACCRUAL ACCOUNTING ACCURATE INFORMATION ANNUAL INCOME ASSESSMENT OF RISK AUDIT ENGAGEMENTS AUDIT REPORTS AUDIT TRAILS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PRINCIPLES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTONOMY BALANCE SHEET BANK ACCOUNTS BANK GUARANTEES BANK LENDING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BOOK VALUE BORROWER BUSINESS CLIMATE BUSINESS COMMUNITY CAPITAL BASE CAPITAL MARKET CASH FLOW CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CLEARINGHOUSES COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES CONFIRMATIONS CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONTRACTORS COOPERATIVES COST ACCOUNTING CREDITS CURRENT ASSETS CURRENT PROGRAM CURRICULUMS DEBT DEBTOR DEBTORS DEBTS DEPRECIATION DEVELOPMENT BANK DIRECT INVESTMENT EDUCATION PROGRAMS EDUCATION STANDARDS ENTREPRENEURSHIP EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL COMMUNITY FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL LOSSES FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENTS FIXED ASSET FOREIGN INVESTMENTS GOOD PRACTICE GOOD PRACTICES INCOME INCOME TAXES INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE ASSETS INTEREST RATES INTERNAL AUDITORS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY INVESTMENT CLIMATE LARGE COMPANIES LARGE ENTERPRISES LAWS LEGAL ADVICE LEGAL FRAMEWORK LEGISLATION LENDER LENDERS LIABILITY LIFETIME LOAN LOAN DISBURSEMENT LOCAL GOVERNMENT MACROECONOMIC STABILITY MAINTENANCE COST MAINTENANCE COSTS MANDATES MARKET ECONOMY MARKET PARTICIPANTS MEDIUM ENTERPRISES MINORITY SHAREHOLDER MINORITY SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENALTIES PRIVATIZATION PRODUCTIVITY PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY FRAMEWORK RESPONSIBILITIES RISK ASSESSMENT SAVINGS SECURITIES SENIOR SHARE CAPITAL SOCIAL INSURANCE STAKEHOLDER STAKEHOLDERS STATISTICAL ANALYSIS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY SUPERVISORY AGENCIES TAX LAW TAX PREPARATION TAXATION TOTAL COST TRAINING COURSES TRAINING PROGRAMS WAGES WORK EXPERIENCE WORLD MARKET This report provides an assessment of corporate sector accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Mongolia. For purposes of this report, the corporate sector includes all private sector and state-owned enterprises. The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation to evaluate institutional capacity and make policy recommendations. Since 1993, the World Bank and other development partners of Mongolia have provided financial and technical support to help Mongolia develop a legal framework, facilitate accounting education and adoption of IFRS and ISA by enterprises, constitute a new professional body, establish the examination of certified public accountants, and strengthen accounting and auditing in both public and private sectors. As a result, Mongolia has made significant changes from the old accounting for planned economic system to a new market-oriented accounting system that follows international good practices. All key economic sectors in Mongolia rely on high-quality financial information, which requires high-quality private sector accounting and auditing. Reforms, liberalization, and deregulation to further enhance the Mongolian business environment must be supported by enhanced financial transparency and improved accounting and auditing practices. Increased levels of both foreign direct investment and domestic investment demand higher-quality financial information consistent with international standards. Continuing the strengthening and development of financial reporting, accounting and auditing, and the regulatory framework that governs them, will bring benefits to Mongolia and its citizens. In this context, this report sets out policy recommendations to enhance the quality of corporate financial reporting and foster a financial reporting platform conducive to sustainable private and financial sector growth, thus increasing access to global financial markets and other tools of the market economy. 2012-06-14T18:29:39Z 2012-06-14T18:29:39Z 2008-03 http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8055 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work East Asia and Pacific Mongolia