Internal Audit Department

Director of Internal Audit Department: Mrs. Shijirmaa A.

The Internal Audit Department (IAD) conducts audits, inspections, and remote and sequential monitoring of the activities of the structural units of the Bank of Mongolia (BOM) with the main goal of conducting independent and objective audits, quality assurance, and advisory activities aimed at increasing the value of the organization and improving its operations. Providing information to the management and auditing supporting the implementation of the organization's goals and objectives by making decisions based on the results of audits and inspections and performing the following functions within the framework of the main goal of evaluating and reducing operational risks. It includes:

  1. Develop a mid-term and annual audit and inspection plan, approve it by the Governor of the BOM, audit, control, and inspect the operations of the BOM's offices, departments, divisions, units, and regional divisions/branches, to make suggestions, conclusions, and recommendations and present them to the management of the BOM and issuing and assigning tasks;
  2. To monitor the activities of the central units and regional divisions/branches of the BOM, and to create a system to prevent possible negative consequences that may be caused by the detection of any risks and violations during operations.
  3. Monitor the fulfillment of the tasks given by the decree of the Governor of the BOM, audit, and inspection findings, acts, and notices of the State Inspector to eliminate the violations revealed by the audit.
  4. Investigate petitions, complaints, and information from citizens and legal entities, respond within the specified time, and supervise their implementation.
  5. Cooperate with the external auditing company conducting audits of the financial statements of the BOM and cooperate with the external task forces conducting inspections.
  6. Check the fulfillment of instructions and procedures regarding the operational risks of the BOM, give insights, recommendations, and conclusions, and submit the results to the management of the BOM.
  7. Check onsite how the continuity of the normal daily operations of the BOM is ensured, and the implementation of plans to be taken in case of possible trends and emergencies.
  8. Summarize quarterly audit and inspection reports and submit them to the management of the BOM and the Supervisory Board.
  9. To implement and make it a routine in the BOM to align the internal audit with the internationally recognized good practices and knowledge related to the internal audit, control, operational risk management, and continuously improving its operations.