BDO is pleased to announce the admission of a new BDO Member Firm in Mongolia, effective 1 January 2013. BDO Mongolia has been created by the bringing together of audit firm Itgelt Audit and IT / Advisory firm Amar Incon.
Itgelt Audit LLC operates in the fields of accounting, auditing and financial advisory services and was incorporated in December 1997 by founder Bayanmunkh Gombo: both he and Altansukh Dalanbayar are the firm’s equity partners. Its average growth percentage over the last 5 years has been 20% per annum and it is consistently ranked number 6 among audit and accounting firms in the country.
Amar Incon was established in 2005 by partners Yair Jacob Parot and Rentsenkhand Davagjantsan. The key services they provide are consulting, accounting and tax advisory, together with IT consulting and audit services, as well as e-banking security solutions.
Both firms are based in Mongolia’s capital, Ulaanbaatar, and together they bring 4 partners and about 40 staff members to the BDO network.
Managing Partner of Itgelt, Bayanmunkh Gombo, said “The new firm formed by our joint establishment is a first for the Mongolian audit and advisory market. Mongolia’s GDP has expanded by some 15-17% in recent years and is expected to grow a further 10% - an outstanding economic growth that has been drawing serious attention from global investors. BDO is among the front-runners in opening an office here and we will work in close cooperation with our BDO colleagues to deliver high-quality professional services to our clients and to sustain our strong presence in the audit, tax and advisory market.”
Itgelt CEO Altansukh Dalanbayar is looking forward to a close cooperation with BDO Eurasia, with whom they have worked before in Russia, Australia and Hong Kong. “Our firm is well-established in the emerging Mongolian audit and assurance market. It is well-known that our country is rich in natural resources and we are already known for our expertise in this sector, as well as real estate, telecommunications, energy, non-government organisations and banking. I know that we can add value for clients in our country and in the Eurasia region as a whole, bringing insight to help them meet their objectives”.
Rentsenkhand Davagjantsan, Amar Incon’s CEO, adds “As an international consulting company we are glad to be joining BDO. This decision will allow us to share and expand our knowledge and to continually improve our service offering to our clients.”
Business development manager Yair Jacob Porat comments that: “There is no doubt that the potential for developing consulting services within BDO Mongolia is huge: not only is the market underdeveloped in this respect, but we are well ahead of our competitors in terms of expertise – particularly in consulting, IT professional services, e-government, e-banking and solutions for the mining sector. Our people have the highest technical and commercial skills and we are looking forward to joining our BDO colleagues in delivering the exceptional client service that will ensure BDO Mongolia’s long-term success”.
Anders Heede is BDO’s CEO Europe and Global Head of Network Development. He is delighted that BDO has been able to join with such high-potential firms to form BDO Mongolia.
“The Mongolian market is extremely interesting and, because of its size, its fast-growing economy and its links to its Russian and Chinese neighbours, offers significant potential. Both these firms have solid performance and excellent growth prospects. Bringing them into BDO is exactly in line with our policy to give all our international clients the best possible service throughout our seamless global network”.
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