Bills on compliance measures with Audits and Accounting Laws submitted

2015-11-27 18:04:16

Ulaanbaatar /MONTSAME/ Bill on the measures of implementing the Law on Accounting and other draft laws were presented by Minister of Justice D.Dorligjav to Speaker of Parliament Z.Enkhbold. The Law on Accounting was adopted on June 19, 2015.

The law is to come into force starting January 1, 2016. Thus, the accounting licenses will be issued without expiration dates designated. Currently the certified accountants hold licenses with two or five years of duration.

Also, new version of the Law on Audits which was adopted on the same date will be enforced starting January 1, 2016. Therefore, certain measures should be taken in order to ensure the compliance of the 120 entities that have recently been granted with special permits on conducting audits with the new regulations.  

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