Internal control

Internal control

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Financial accounting framework

Financial Management Division of the Golomt Bank determines the main directions of the bank’s financial activities, develops long-term and short-term strategic plans and budgets, monitors their implementation, defines accounting policies, prepares financial statements and provides information to external and internal stakeholders.

Accounting Policy and Controlling department of the Financial Management Division develops the Bank’s “Accounting Policy”, provides unified accounting management to its branches, monitors their accounting, and prepares consolidated financial statements in accordance with International Financial Reporting Standards and applicable laws and regulations, certifies by an external audit organization, and publishes its financial statements on a semi-annual and annual basis.

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Golomt Bank’s complies with the Mongolian Accounting Law, the Banking Law, the Corporate Income Tax Law, the Personal Income Tax Law, the Social Insurance Law, the  International Financial Reporting Standards, the 2003 Banking Accounting Guidelines approved by the President of the Bank of Mongolia, relevant regulations, instructions and orders issued by the Ministry of Finance, the Financial Regulatory Commission, the General Department of Taxation, and the Bank of Mongolia, the “Accounting Policy Document” approved by the CEO of Golomt Bank, and other rules, regulations, and instructions in its accounting activities.

Golomt Bank’s accounting system records, processes, stores, monitors transactions based on primary documents, prepares reports and conducts accounting control in the form of step-by-step control, tripartite control, auto control, reporting control, and on-site control.

The day-to-day accounting operations of Golomt Bank are managed by senior officers, supervisor accountants and senior tellers at the branch and settlement center, and external and internal training will be organized by the Human Resources Division in accordance with the training plan for each area of the bank’s activities

Internal audit framework

Golomt bank’s Board of Directors reviews effectiveness of internal control system regularly through its committees, Audit Committee and Risk Committee.

The establishment and maintenance of appropriate systems of risk management and internal control is the responsibility of business units whereas the review of the effectiveness of the Bank’s internal control system is the responsibility of the Audit Committee. Audit Committee receives and discusses information and report from Management team and Internal Audit Division (IAD) on internal control system and its effectiveness.

IAD is independent from the Bank and autonomous of the Executive Management. IAD releases its operational plan after conducting risk-based assessment on Bank units, operations and technologies and principal objective of IAD is to create value to the Bank by independently assessing the effectiveness of the governance, risk management, internal control system and operational results and render recommendations.

Golomt Bank has reinvigorated its three-level risk management structure, which has improved the systems to enhance and strengthen each unit’s risk management practices. This includes:

  • First line of defense:
    • Leads and directs actions (including managing risk) and application of resources to achieve the objectives of the Bank.
    • Maintains a continuous dialogue with the Board and management, and reports on: planned, actual, and expected outcomes linked to the objectives of the Bank, and risk.
    • Establishes and maintains appropriate structures and processes for the management of operations, risk and internal control.
    • Ensures compliance with legal, regulatory, and ethical expectations.

  • Second line of defense:
    • Provides complementary expertise, support, monitoring, and challenge related to the management of risk, including:
    - The development, implementation, and continuous improvement of risk management and internal control practices at a process, systems, and entity level.
    - The achievement of risk management objectives, such as: compliance with laws, regulations, and acceptable ethical behavior, internal control; information technology security, sustainability, and quality assurance.
    • Provides analysis and reports on the adequacy and effectiveness of risk management and internal control

  • Third line of defense-Internal audit
    • Maintains primary accountability to the Board and independence from the responsibilities of management.
    • Communicates independent and objective assurance and advice to management and the Board on the adequacy and effectiveness of governance and risk management and internal control to support the achievement of organizational objectives and to promote and facilitate continuous improvement.
    • Reports impairments to independence and objectivity to the Board and implements safeguards as required.

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