Mongolian Institute of Certified Public Accountants (MonICPA) was established on 9 March 1996. The MonICPA has 25 branches located in Ulaanbaatar and other provinces. Each branch of the MonICPA regulated by the Law on Auditing (governing authority to MonICPA), it has the principal obligations as follows: * Administer the professional accounting examinations; * Approve and enforce the Code of Professional Conduct and Ethics; * Provide certified public accountants (CPA) exam preparation courses, conduct continuing CPA professional education training; * Provide audit firms with methodology, consultancy, and information. • Shall carry out activities only to the extent as permitted by the institute’s By-Law.