Financial accounting system and internal audit

2019-04-19More »

Internal audit operations

The Internal audit of Credit Bank operates by the regulation, established in a purpose of coordinating the internal audit and control system operations, that details the internal audit ethics, procedures, rights, and obligations.

Internal audit department and its mission:

Internal Audit Department /IAD/ functioning and reports under the direct management of the Board of Directors. The department besides monitoring the activities of the Executive management, independently from the executive management at every level of the bank operation, detecting infringements and issues, and taking actions to interrupt the violation, it evaluates the profitability level of the units audited, and provides recommendations to improve operations and prevent risks in aim to improve the profitability of the bank operation.

IAD audits operations of all units and branches for adherence of the international standards, laws, and regulations of Mongolia, and reports to the BoD, moreover, it issues recommendations of necessary actions to improve operations, eliminate the breaches, and prevent risks. The department conducts BoD approved planned and unplanned audits based on financial documents of the auditing period.

Financial accounting structure

The Credit Bank “Accounting policy” was approved by the Board of Directors resolution in 2015, and adheres in its operations. This document is developed in compliance with the International Financial Reporting Standard  (IFRS), the Law on Banking of Mongolia, Law on Accounting, Law on Corporate tax, and “Accounting manual of the bank accounting ” approved by the joint resolution No A35/20 dated February 02, 2015 by the President of the Bank of Mongolia and Minister of Finance.

The financial accounting operations handled by the Financial Accounting and Reporting Department, under the direct management of the Chief Financial Officer. The department is responsible for improving the accounting policy, delivering all types of banking services to the Clients at first request in an expedited and adequate manner, continually and timely supply the management with bank accounting information, plan the bank budget, balances, income and expenditure, and monitor the budget performance, produce the financial report of the bank on time and submit to the corresponding entities.   

Financial accounting division operates with Client service, Reporting, and Internal settlement departments. The financial accounting is conducted using the “Teller” software. The project to upgrade and renovate the information technology platform, to improve the financial accounting process, speed up the information process to provide the bank management, corresponding units and departments with necessary information are ongoing.


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