By the beginning of 2013 BDO has opened an office in Mongolia. The office has been created by the merger between two local advisory firms - audit firm Itgelt Audit and IT consulting office Amar Incon- and their admission to the international BDO network. BDO Mongolia consists of 4 partners and 40 consultants, based in Ulaanbaatar, Mongolia's capital.
Amar Incon, established in 2005, is specialized in consulting (IT advisory, management consulting) and tax advisory. Itgelt Audit was founded in 1997 and has built a strong record in the Asian country in the areas of accounting, auditing and financial advisory services.
Mongolia is growing into an interesting upcoming economy. Its GDP has expanded by approximately 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. Big4 competitors already have an establishment in Mongolia. Ernst & Young has already been active in Ulaanbaatar since 1999. PwC opened an office in 2010 and both Deloitte and KPMG decided to enter the Mongolian market last year.
"The Mongolian market is extremely interesting because of its size, its fast-growing economy and its links to its Russian and Chinese neighbours. Both these firms have solid performance and excellent growth prospects. Bringing them into BDO is in line with our strategy to expand our global footprint and give our international clients the best possible local service" says Anders Heede, Global Head of Network Development at BDO financial advisory firm.