The Directorate of Investment and Company Administration (“DICA”) made an announcement on 05 December, 2018 (the “Announcement”) in connection with adherence of international accounting standards by public accountants by the corporates.
The Announcement refers to the notification No. 20/2018 (“Notification”) issued by the Myanmar Accountancy Council (“MAC”) in connection with the above stated objective.
The Announcement read with the Notification is directed towards encouraging all companies and body corporates within the Union of Myanmar to comply with international auditing standards, as set out below:-
(a) International Standard on Auditing (ISA);
(b) International Standards on Quality Control (ISQCs);
(c) International Standards on Review Engagements (ISREs);
(d) International Standards on Assurance Engagements (ISAEs); and
(e) International Standards on Related Services (ISRSs).
Under Paragraph 3 of the Notification, the standards mentioned above shall be applied on the reports for the financial years starting from 2022-2023. The Announcement highlights the regulator’s intent to promote uniformity amongst corporates and to have international auditing standards.
Through our office in Yangon, Duane Morris & Selvam advises corporations on investment, business and regulatory processes in Myanmar. For further information, please contact Mr Krishna Ramachandra (kramachandra@duanemorrisselvam.com), Mr Priyank Srivastava (psrivastava@duanemorrisselvam.com), or Mr CN Beilo (CBLo@selvamandpartners.com) or visit www.duanemorrisselvam.com. Duane Morris & Selvam is recognized as a leading law firm for Myanmar related Corporate, M&A and Projects (including Energy) work – The Legal 500 (2017 & 2018).
