transbank

Chief financial officer and the finance units manage the following activities within the framework of financial accounting and control:

1. Oversee the financial reporting process, develop accounting policies in accordance with the legislations and IFRS, monitor their implementation, prevent and reduce potential risks;
2. Prepare and fairly present the bank’s financial statements in accordance with IFRS, facilitate external auditors with appropriate and sufficient evidence for auditing the financial reports, and provide financial information to all stakeholders;
3. Efficiently manage the budgeting and financial management activities, ensure the continuity of management information system, provide timely data and information to the management in support of timely decision making.

TransBank complies with relevant Mongolian laws, rules, regulations and guidelines for financial accounting and auditing, and implements the Bank’s internal accounting documents in its day-to-day operations in accordance with International Financial Reporting Standards (IFRS).

INTERNAL CONTROL FRAMEWORK

Internal Audit Division of TransBank carries out the Bank’s internal auditing activities and reports directly to the Board of Directors.

The Financial policy and control division is responsible for defining the Bank’s accounting policies in accordance with relevant standards, laws and regulations, while monitoring their implementation. In overseeing the financial reporting processes, the Division implements remote and on-site control over the operation of the core banking system and branches, towards ensuring accuracy, continuity,  reliability of financial statements, and efficiency of the internal financial controls in prevention and reduction of potential risks.