PricewaterhouseCoopers has opened an office in Mongolia, the second Big Four firm to have a presence in the country.
The firm will provide assurance, advisory and tax services to Mongolian and international companies, mainly focusing on the mining sector, financial services and manufacturing.
PwC Mongolia, based in the capital Ulaanbaatar, has a team of 20 partners and staff, including Mongolians with experience in other PwC firms.
PwC said that it has previously served Mongolian companies in the copper and gold mining, and banking sectors through other firms in the network.
There are more than 40 audit firms in Mongolia but only seven of the leading accountancy networks and associations have Mongolian member firms. Ernst & Young, Baker Tilly International, Crowe Horwath International and Nexia Internartional are among the networks to have a member firm in the country.
PwC Mongolia managing partner Dan Feder said the firm’s presence on the ground “will give a strong positive signal to foreign investors and will bring capabilities required by our clients in a timely and professional way”.
“We look forward to supporting the future development of this increasingly important economy by supporting the education and professional skills development of our Mongolian staff, as well as the accounting and advisory profession in Mongolia,” Feder said.
PricewaterhouseCoopers Central Asia senior managing partner Alper Akdeniz said Mongolia has vast natural resources and is becoming a significant part of the supply chain fuelling growth of the Asian economy.