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. All members whose number has reached more than 250 shall belong to the branch located wherein they live and work. As well, the MonICPA has 137 member organizations which comprises of an individual audit firm. These audit firms do belong to a branch according to its location. • Overall direction and administration is provided by the MonICPA staff headquartered in Ulaanbaatar. The Institute’s staff is comprised of Council, President, Chief Executive Director, two Deputy Directors and working Committees.