Bills on accounting and audits submitted

Ulaanbaatar /MONTSAME/ The Minister of Finance J.Erdenebat submitted to the Speaker Z.Enkhbold a draft law on accounting and a draft new wording of the law on audits on April 30. The Minister said the draft new wording of the law on audits “will help Mongolia’s auditory activities satisfy the global standards by establishing a monitoring and evaluation system for audits, improving capacity of auditory organizations and auditors in providing adequate services in line with international terms, and reducing a pressure of audits on taxpayers”. The bill on accounting will introduce international standards into the accounting of the public-interest entities and of small and medium enterprises, without any negative impact on the country’s social and economic conditions, he explained.