Golomt Bank, whose vision is “Mongolian’s Global Benchmark Bank”, achieved success, which noted as big achievement in Mongolian banking and financial sector and internal audit field.
The bank’s Internal audit function provided consulting service to foreign bank in 2018, performed co-sourced audit together with international experts in 2019, and started being introduced and approved professionally at the international level. These events proved that Mongolian larger companies and financial institutions do not just receive consulting services from foreign organizations, but have already reached at the level, where they also can provide consulting service to other companies, and the employees demonstrated equal knowledge and skills with international experts.
This time, Golomt Bank’s Internal audit function had its quality assurance review done by one of the leading professional services network in the world, and we are delighted to announce that the assessment result was “Full conformance with the International Standards for the Professional Practice of Internal Auditing”. Moreover, Golomt Bank’s Internal audit function was compared with Internal audit function of more than 500 international organizations, and the result showed that Golomt Bank’s Internal audit function significantly surpasses the benchmark.
The Institute of Internal Auditors (IIA) established in 1941, is an international professional association, with more than 200,000 members in 170 countries around the world. The association promulgate The International Professional Practices Framework (IPPF), which is the conceptual framework that organizes authoritative guidance for internal audit professionals worldwide. International Standards for the Professional Practice of Internal Auditing and Code of Ethics are two of the main elements of the framework and includes the other main elements in them. According to the Standards, quality assurance external assessments must be conducted by qualified, independent assessor or assessment team from outside the organization at least once every five years, to ensure that the Internal audit function complies with Standards and Code of Ethics.
Golomt Bank’s Internal audit function has been assessed as “Conforms with the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics” is the first time in Mongolia. Any Internal audit function is assessed as such, which is the historic event that opened a brand new chapter in development of Mongolian financial sector and Internal audit field.
These results are the evidence of Golomt Bank’s Good governance and long-term sustainable development policy as well as indication that Mongolian Internal audit professionals have reached International level.