Mongolia is a landlocked country locates in East Asia, between Russia and China with its 1.5 million square kilometres area and 3.2 million inhabitants.

The Coronavirus epidemic has captured much media attention in recent weeks.  Many of my colleagues ask me whether it is being overblown.  The answer is no, it is a serious problem.  The issue is that it is a contagious disease caused by a virus which appears in animals such as bats, pigs, and small mammals, and has the capacity to quickly make the leap to “animal to human” transmission.  The other issue is that there is no cure or vaccination yet developed to prevent widespread infection.  The only thing that can be done for patients is supportive care to help the body’s own immune system fight the infection.  It is also frightening that unlike the typical flu which most severely impacts the very young and the very old, this virus also kills regular healthy adults as well.

To achieve more relevant and faithful information in financial statements involving Leases, the International Accounting Standards Board (IASB) undertook to rewrite “IAS 17 Leases”. In January 2016, they issued IFRS 16 Leases to replace the IAS 17 document.

Amidst the current challenges of the global economy, the mining sector has a sense of optimism.  Demand has been supportive of gold and iron ore prices, and minerals used for batteries will remain in focus, not least due to the ongoing growth in the electric vehicle markets.  Long term fundamentals underpin future demand.

Alongside a favourable outlook for mining demand, the cost side of the sector is being impacted by the application of technology – enhancing margins and reimagining processes which in some cases have endured for decades.
 

The Coronavirus epidemic has captured much media attention in recent weeks.  Many of my colleagues ask me whether it is being overblown.  The answer is no, it is a serious problem.  The issue is that it is a contagious disease caused by a virus which appears in animals such as bats, pigs, and small mammals, and has the capacity to quickly make the leap to “animal to human” transmission.  The other issue is that there is no cure or vaccination yet developed to prevent widespread infection.  The only thing that can be done for patients is supportive care to help the body’s own immune system fight the infection.  It is also frightening that unlike the typical flu which most severely impacts the very young and the very old, this virus also kills regular healthy adults as well.

The TZM-2019 conference, organized by the Mongolian Tax Certified Consulting Association's Legal Advisory Association, was attended by the professional audit advisors of Moore Audit LLC on the topic: `` TZM-2019 '' as part of the Tax Law Update and Consulting Services.

We have celebrated our Annual new year party~2020 yesterday. Based on the result of Performance Evaluation of 2019, our best employees of the year were awarded Moore trophy and cash prize!

The Asia Pacific Regional Conference for Moore Global Network 2019 is being held in Jakarta, Indonesia from 6 to 8 November 2019. On November 6, 2019, the delegation visited the Moore Indonesia Office. 

European Bank for Reconstruction & Development, along with Mongolian Management Consultants' Institute has organized a training on business diagnostics for consultants from 23rd of October to 25th of October. Our firm's Assurance director Nyamdorj.Ch has succesfully attended the training.

Annual sports competition held among auditing firms was held on 04-05th of October, 2019 in Tuul Condominium Sport Complex and Khandgait Sport Center under the slogan of “TOGETHER WE MAKE IT HAPPEN”.

With our new brand – Moore – we choose a new identity fit for a world defined by global decisionmaking, data-driven insight and the need for agility in all that we do. The brand captures our ability to connect to you locally and globally as we help you realise your ambitions. That is why our brand position is ‘Helping you thrive in a changing world.’

We never lose sight of what makes us strong, and why our network has grown and continues to grow – our commitment to ever stronger relationships with our clients.

Our company has actively participated in “Carebox-15" charity work organized from “Tsetsee Gun” rotary club for the third time.

As new academic year is nearing, we have collected school supplies, books and clothes to be donated to children of workers of Landscaping Service Company.

We, at Od burtgel audit LLC organize annual trips to mongolian countryside or to foreign countries. This year, our firm organized annual trip 2019 as a camping trip through Central provinces of Mongolia, Uvurkhangai and Arkhangai.

 

On May 27, 2019, at the initiative of Nyamdorj Ch., Deputy Director of “Od burtgel Audit” LLC, Toivgoo S., CEO of Capital City Consumer Interest Protection Association, and Buyankhishig S., head of working group, competition will be held among districts from May 29 to June 12, 2019, to select an important topic to be included in the “Consumer Rights Concept and Program” training program.
 

New year event for the auditors and audit companies was organized on December 22, 2018 by the Mongolian Institute of Certified Public Accountants. During this event, top companies of the field are selected by The MONICPA.

"The Entrepreneur of the year" events, which marks the Top 10 enterprises and the best of the certain industries was organized by Mongolian National Chamber of Commerce and Industry, on December 21, 2018.

The training on provision for audit services to Insurance organizations has been organized from 22nd to 27th of November of 2018 by Financial Regulatory Commission and Mongolian Institute of Certified Public Accountants.

Annual Moore Stephens Asia Pacific Region Technical Training was held throughout 26-27th of November, 2018 at Bangok, Thailand.
 

Training was organized in collaboration with the Financial Regulatory Committee, MONICPA that is for auditors for the provide services in stock market was held from November 12-14, 2018.

Risk Forum of Mongolia 2018 has been organized by "Mandal Insurance” JSC, and Golomt Bank on 14th of November, 2018 at Soyombo Hall of Tuushin Hotel.

The conference, that was organized for the ninth year, is one of the most influential events that address the risk factors of Mongolian social, economic and business sectors and the response to those identified risks.This year’s Risk Forum was organized with the theme of “Preparation of Business for Economic growth” and “Top 3 Risks that may threaten Business in 2019”.

As part of the scope for Auditor’s training organized by the Mongolian Institute of Certified Public Accountants, practical training “Introduction with the operations of Auditing firms” was conducted in our firm.

Annual sports competition held among auditing firms was held on 26-27th of October, 2018 in Hawaii Sport Center under the slogan of “We Are One Family”. 15 teams from 27 organizations have participated in the competition.
 

Annual Conference on Theory and Practice held by the General Department of Taxation, Mongolia has been commanded by the Ministry of Finance to be held bi-annually last year. The Bi-Annual Conference was held on 28th September, 2018, and the top 11 research materials from delegates from researchers, tax inspectors of the Mongolian Tax Authority, experts of CPTA and tax service providers have been discussed.

Our company has actively participated in “Carebox-13” charity work organized from “Tsetsee Gun” rotary club.

 

 

Mathematics Olympiad held in honor of Batmunkh.A was successfully organized among teachers and students of 10 provinces and districts through 29-30th of September, 2018 for the fourth time. The Olympiad was organized by Mongolian Securities Exchange, Education and Culture center of Govisumber province, School #1 of Govisumber province, “Batmunkh.A foundation” NGO; and was sponsored by “Od Burtgel Audit” LLC, Mongolian Security Exchange JSC, Tsogt and Nandin  DPP and And Energy JSC.

Young boy Munkh-Erdene was diagnosed with “White blood cell cancer” on 3rd of September, 2018 and is currently undergoing chemotherapy at Blood Center of National Maternal and Children Health Center.
This cancer can be treated in Germany by undergoing emergency marrow transplant surgery. To aid the child, donation concert is being organized by “UZA-95” NGO.
 

Asia-Oceania Tax Consultants Association’s International Tax conference was held on through 11-14th of September, 2018 at Shangri-La Ulaanbaatar Hotel. The main organizers of the event were Asia-Oceania Tax Consultants Association and Mongolian Association of Certified Tax Consultants. 
 

Our firm, Od Burtgel Audit LLC became a part of Moore Stephens International Network on January of 2016 and is a correspondent firm of the network in Mongolia.

Mongolian Association of Certified Tax Consultants organized Inauguration ceremony of Certified Public Tax Consultants on 28th of June, 2018.
 

We believe root of the real success is “health”. We do care about our employees’ health and wellbeing. Therefore, the firm provides opportunity to its employees to be covered by private health insurance at the firms full cost. Employees at Od Burtgel Audit are protected by Jargalan health insurance of Mandal General Insurance Company which provides 50,000,000 MNT for health service payments such as doctors’ fee, various analysis, and hospitalization etc…

Mongolian Institute of Certified Public Accountants posted a list of independent audit companies currently operating in Mongolia both in rural and urban areas on 5th of June, 2018 on their website. 
On the list, our firm, OD BURTGEL AUDIT LLC, has placed 3rd from 137 national and international independent audit firms in terms of number of certified auditors as of first half of 2018. This ranking shows that our firm is capable of providing quality services, providing reliable financial information and qualified professional assistance by highly qualified professionals.

Our firm works as a compliance service provider to “And Energy” JSC. Last week, audit team led by Vice director Nyamdorj.Ch had made a site visit to And Energy JSC, operating in Erdenet. 
 

Mongolian Institute of Certified Public Accountants (MONICPA), a professional governing body of audit firms in Mongolia, consolidates financial statements of all audit firms on annual basis and performs analysis on audit industry in respect to market capacity and scope etc., and through its website, MONICPA has officially announced audit market performance of FY2017 and ranking of TOP-30 audit firms based on revenue generated during the period by all audit firms.

Graduation Ceremony  of Mandakh Burtgel University’s Correspondence course, Accounting-english, Master’s degree was organized on December  18, 2017 in Central Cultural Palace of Mongolian Trade Union, and students received their diploma. Vice director Nyamdorj.Ch delegated our firm at the event  and congratulation to all graduates. Also the best graduate of the university, Surenhorloo.J had receive confirmation of employment and 5 best graduates had been receive certificate of participate in the selection of our audit firm.

“Auditor’s new year-2017” was organized on December 15, 2017 by the Mongolian Institute of Certified Public Accountants. The MICPA has a tradition of selecting top companies in this holiday season.

Mongolian Institute of Certified Public Accountants organized an Inauguration ceremony of Certified Public Accountants on 26th of December, 2017 and during the event our firm's auditor Altantuya.B has received “Lifetime Certificate of Certified Public Accountant”, and auditor's assistant Byambadelger.D has received “Certificate of Certified Public Accountant”,

Moore Stephens Asia Pacific Technical Conference 2017 was held in Hong Kong office between 07th through 08th of December 2017. Audit manual, internal monitoring program, reviewer training were the key topics. The purpose of the conference was to ensure that Moore Stephens member firms across Asia Pacific provide the same level of quality service to our clients.

Mongolia’s first private-owned exchange opened their commerce officially and rang its opening bell. The ceremony was also attended by Bayarsaikhan.D, FRC Director; Lkhagvajav.B, President of the Mongolian National Chamber of Commerce; Bars.T, head of the board of directors of And Energy JSC, Oyunaa.U, General director of Od Burtgel Audit; Ch.Nyamdorj, Vice principal of Od Burtgel Audit, Managements of Tsogt and Nandin limited liability partnership and other people.

"Internal Auditors Forum 2017 of Mongolia" was organized on November 24, 2017 by the Institute of Internal Auditors Mongolia. The forum covered the participants from over 200 internal auditors and internal monitoring experts of 85 industries from Ulaanbaatar and local area. They have exchanged information about current situation of internal audit and discussed the challenges at their industries. Vice director Nyamdorj.Ch delegated our firm at the forum and exchanged his opinions on the challenging issues. 

Training was organized in collaboration with the Financial Regulatory Committee, MONICPA and the Mongolian Institute of Certified Appraisers that is for auditors, appraisers and lawyers for the provide services in stock market was held from November 27-30, 2017.

In collaboration with the Financial Regulatory Committee and Mongolian Institute of Certified Public Accountants, the "Specialized Training on Auditing Activities to insirance organization" was held from October 26-30, 2017.

On July 26, 2017, on the occasion of the 25th anniversary of Chingeltei district, professional accountants who have been active and productive in their work were awarded with industry awards and commemorative medals.

Od Burtgel Audit LLC has been certified as a full “CLASSIC” member of the Mongolian National Chamber of Commerce and Industry in accordance with the resolution of its Presidium. The certificate has been awarded during the Awarding ceremony of new members and flag raising ceremony of “Entreprenuer-2016” featured enterprises that took place in 3rd of February, 2017.

Mongolia has entered into double taxation agreements with 35 countries from 1991 to 2005 in order to protect against the risk of income or gain being taxed in two countries. Project for Enhancing tax collection operation and International tax issues of Mongolian Tax administration /MTA/ has been implemented in Mongolia from 2014 to 2016. 
As part of workers continuous development, employees of Od Burtgel Audit LLC has successfully participated on International Taxation Issues /Double tax treaty/ and International transfer pricing policies, its’ requirements and implications training on 4th of February, 2017 and improved their technical and practical knowledge.

Moore Stephens Hong Kong wishes a very happy, healthy, auspicious and successful Year of the Rooster to people at Od Burtgel Audit, their families and to all our clients! 

 

Following guidance and instructions were approved by Mongolian Minister of Finance with resolution #170: “Guidance on preparation of consolidated financial statements”, “Guidance on selection of parties to consolidate”, “Template of consolidated financial statement, instruction on its completion”. It is to be valid from 1st of January, 2016. 

MONICPA, as the professional organization of finance, auditing and accounting, organizes the annual meeting with all the members to discuss the latest developments and issues encountered in the sector.

CPAs of Od Burtgel Audit have participated in professional continuing education training, held in last half of the year 2016. The training is organized by MONICPA and covers following topics.

• Changes in standards /IFRS, IFRS for SME’s/
• Changes in ISA
•  Recognition and presentation of income tax
•  Consolidated statements
•  Analysis on financial statement
• Preparing budget and plan
• Personal development trainings

 

Mongolian Institute of Certified Public Accountants organized Oath-taking Event for newly certified public accountants on 28th December 2016. During the event, Od Burtgel Audit LLC’s quality control manager Ms. Ariunaa and auditor Ms. Bumantsetseg was granted LIFE TIME CERTIFIED PUBLIC ACCOUNTANT CERTIFICATE.



During CPAs’ Oath-taking Event opening speech
(From right hand side: MONICPA’s CEO Mr.Chimedsuren & MONICPA’s president Mr.Jigden)

Moore Stephens International Network wishes a very happy, healthy and successful upcoming year and Merry Christmas to people at Od Burtgel Audit, their family and all the clients!


 

MONICPA is a professional national organization that has 25 branches, over 4000 CPA’s and 140 auditing companies. 6th assembly of Mongolian Institute of Certified Public Accountants was held on 8th December, 2016 at State palace.
 

Moore Stephens International Limited’s Member firms of Asia and Pacific countries’ technical conference was held between 28th through 29th of November, 2016 in Hong Kong. Auditors of Od Burtgel Audit LLC have participated in the conference and discussed the updates in IFRS, Moore Stephens updated audit manual, internal standards, issues and challenges facing the audit and their solutions.

Auditor of Od Burtgel Audit LLC has participated in 7th annual Risk management forum, organized by Mandal Daartgal, Golomt Bank and Willis Towers Watson Ltd on 9th November, 2016.

World Bank Group member International Finance Corporation (IFC) and Corporate Governance Development Center had organized ninth annual corporate governance forum on 14th October, 2016 at Blue Sky hotel, Ulaanbaatar.






 

Mongolian Association of Certified Tax Consultants organized Oath-taking Event for newly certified public tax accountants on 8th July 2016. During the event, Od burtgel audit LLC’s auditor Ms. Bumantsetseg.S was granted CERTIFIED PUBLIC TAX ACCOUNTANT CERTIFICATE.

Mongolian Institute of Certified Public Accountants organized Oath-taking Event for newly certified public accountants on 6th July 2016. 

Mongolian Institute of Certified Public Accountants (MONICPA), a professional governing body of audit firms in Mongolia, consolidates financial statements of all audit firms on annual basis and performs analysis on audit industry in respect to market capacity and scope etc... On May 12th, through its website, MONICPA has officially announced audit market performance of FY2015 and ranking of TOP-30 audit firms based on revenue generated during the period by all audit firms. 

Moore Stephens Hong Kong wishes a very happy, healthy and successful Year of the Monkey to people at Od Burtgel Audit and their family!  

General annual meeting of MONICPA was held on 7^th of January. The main purpose of the meeting is to keep accountants and finance professionals, who are the main consultants of the organization and country, up-to-date with technical development in the area, to increase their professional competency and to collect their feedback. 

 

Mongolian Institute of Certified Public Accountants organized Oath-taking Event for newly certified public accountants on 30^th December 2015. During the event, Od Burtgel Audit LLC’s auditor Ms. Dagiiragchaa.N was granted LIFE TIME CERTIFIED PUBLIC ACCOUNTANT CERTIFICATE and audit associate Ms. Myagmarjargal.P was granted CERTIFIED PUBLIC ACCOUNTANT CERTIFICATE.

Dahua-CPA, a Moore Stephens International Limited’s member firm in China, is celebrating its 30 years’ anniversary and Annual Forum of 2015. Management of OD BURTGEL AUDIT LLC was invited to the Forum by Dahua-CPA’s Chief Partner Mr. Liang Chun. Also, delegates from Moore Stephens Australia, Belgium, Cyprus, Germany and other member countries had participated the forum. The event was organized between Nov 20-22 in Shenzhen city, PRC. 

The auditors, appraisers, and lawyers, who provide services in securities market, had participated in the training from 9th to 15th of November 2015. 
The training was organized by the Financial Regulatory Commission of Mongolia in cooperation with the Mongolian Institute of Certified Public Accountants and the Mongolian Institute of Certified Appraisers.

As required in Internal Audit Standard, OD BURTGEL AUDIT’s professionals who are newly recruited in second half of 2015 are participating in training of Advanced Information Technology. 

The First Conference of Certified Tax Accountants held in Corporate Convention center initiated by Consulting Service Management Committee (CSMC) of the Mongolian Association of Certified Tax Consultants (MACTC) through Jul2-Jul3 2015. The Conference included variety of participants such as certified tax accountants, tax consulting firms, audit firms, law firms, taxpayers, and tax officers as well.

On May 26- May 27th within the business development and strategy planning , Od Burtgel Audit (OBA ) have met with Leon Hou, Moore Stephens International`s (MSI) partner and representative in China, at our office.

During the meeting, the parties have discussed about cooperation and partnership of the OBA and MSI in China.

Lifetime CPAs of Od Burtgel Audit are currently participating in professional continuing education training.

Audit associates of Od Burtgel Audit LLC are involving in ethics training. The training is conducted by MONICPA.

On 26th December, Mongolian Institute of Certified Public Accountants (MONICPA) organized New Year Party 2014 among independent audit firms to award the best audit firms of the year. During the ceremony, Od Burtgel Audit LLC was honored as DISTINGUISHED AUDIT FIRM of 2014 and granted by Memorial goblet.

Mongolian Institute of Certified Public Accountants organized Oath-taking Event for newly certified public accountants on 31^st December 2014. During the event, Od Burtgel Audit LLC’s senior auditor Ms. Munkhtsetseg.M was granted LIFE TIME CERTIFIED PUBLIC ACCOUNTANT CERTIFICATE and quality control manager Ms. Ariunaa.J was granted



(From right hand side: Od Burtgel Audit LLC’s senior auditor Ms. Munkhtsetseg.M, MONICPA’s president Mr. Bayanmunkh.G, Od Burtgel Audit LLC’s quality control manager Ms. Ariunaa.J)

Accordance with its Internal Audit Standard, OD BURTGEL AUDIT LLC conducts client satisfaction survey based on feedback of audit engagement of each contractual work. And the result of the survey is used as a performance appraisal of our auditors and audit team.

Within the framework of continuing education training program of government audit institution, Mongolian National Audit Office (MNAO) has organized training titled “Government audit law and financial statement audit” for professionals of independent audit firms between 25^th and 26^th of

 

As required in Internal Audit Standard, OD BURTGEL AUDIT’s professionals are participating in training of Advanced Information Technology.

On the eve of celebration of 808th anniversary of Great Mongolian Empire and 93rd anniversary of People’s Revolution, some practicing Certified Public Accountants (CPAs) were granted State prize and prize of Mongolian Institute of Public Accountants (MONICPA).