Ulaanbaatar
Training Held on Conducting Financial Statement Audits Under Contract
Economy
Ulaanbaatar, November 12, 2025
/MONTSAME/. The National Audit Office organized a training session on November
10, 2025, for auditors from audit firms contracted to conduct financial
statement audits.
Held annually, the training
provides participants with knowledge and updates on financial audit standards,
regulations, procedures, and methodologies, as well as the selection process,
roles, responsibilities, and key considerations for contracted audit firms.
This year, executives, managers, and senior auditors from 64 audit firms
authorized to conduct audits on behalf of the State Audit Institution took
part.
Opening the session, Auditor
General of Mongolia Magnaisuren Sandag emphasized, “When conducting
financial statement audits on behalf of the State Audit Institution, auditors
must strictly adhere to relevant laws, international standards, and the State
Audit Institution’s procedures, guidelines, and code of ethics. They must work
independently and remain free from corruption and conflicts of interest. I
encourage auditors to continue improving the quality of their audit findings.
The State Audit Institution is not only focused on detecting errors and
violations but also on providing advisory support to audited entities, which
leads to more positive outcomes.”
He further underlined that the State Audit Institution upholds the principles of integrity, independence, and impartiality, and urged all audit firms to adhere to these same principles in their work.
