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Myanmar

Head of State  : U Win Myint

Capital             : Nay Pyi Taw

Language(s)    : Myanmar

Currency         : Kyat

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ASEAN CPA
Download List : here

Profile of the Country

Information of The Country
Professional Associations
Qualifying as an Accountants
Setting Up an Accountancy Practice
No person shall act as an auditor without holding a Certificate of Practice as a Practicing Accountant. Any CPA who wishes to practice accountancy as a profession must apply to the MAC for enrolment on the register of Practicing Accountants.
 
In order to register as Practicing Accountant, the person shall be the CPA. Under this law, only the citizens of the Union of Myanmar who hold the Certificates of Practice are allowed to practice Professional Auditing. Currently, MAC registers individuals Practising Accountants and the existing law does not allow registration of Accounting/ Auditing Firm.
 

Public Accountant firm
 
Business organisations such as partnership firms, and limited companies, which are formed in Myanmar, shall register with the Directorate of Investment and Company Administration.
 
The rights and obligations of a partnership firm are governed by the partnership agreement and the Partnership Act of 1932. Registration of a partnership firm is optional. However, if registered, it shall have the right to sue and to be sued.
 
Registration of limited companies is compulsory. The governing laws for the limited companies are the Myanmar Companies Act 1914; Myanmar Companies Rules 1940 Special Company Act 1950; Myanmar Companies (Amendment) Act 1955 and Myanmar Companies Regulations 1957.
 
Limited companies are classified into Myanmar companies, foreign companies and joint venture companies. Foreign companies are required to apply for a permit, before registration, under section 27A of the Myanmar Companies Act. A joint venture with the participation of the State capital shall be registered under the 1950 Special Company Act and the Myanmar Companies Act.
Law and Regulations on Accountancy Practice
Specific Regulation
Monitoring Committee

Regulated Accounting Services

Public Practice
  • Statutory Audit (Including component auditor performance)
  • Financial Investigation (including Forensic Audit)
  • Review Engagement
  • Assurance Engagement
  • Agreed upon Audit Procedure (Including Independent Internal Audit)
  • Signing off as an external auditor for assurance on Account, Notification, prospectus, statement of account, report, cash-book and signature or form.

NAB Membership and/or PRA Registration

NAB Requirement:

Yes.

PRA Requirement:

Yes. Auditor must be registered as the Certified Public Accountant (CPA) (full-fledged) as well as registered as practising accountant (PA) with PRA (MAC) under personal or firm name. 


NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB Requirement:

Membership with MICPA is required.

 

PRA Requirement:

  1. Entry route of 2-year 12-paper CPA Qualification requiring 3-year apprenticeship.
  2. Entry route of international qualification holders who pass 3-paper test, requiring 3- year apprenticeship. They must be Myanmar citizens.
  3. CPA and PA require registration with PRA and NAB.
  4. Firms need to register with PRA in their names, but not with NAB.

Citizenship Requirement

Auditor must be a Myanmar Citizen who practises in Myanmar. He/she stays within the country not less than 183 days within the calendar year for next year renewal of registration and license.

Remarks

Subject to domestic laws and regulations, such as Myanmar Accountancy Law and By-laws, the Myanmar Companies Law, Financial Institutions Law, Notifications issued by MAC, etc.
 

Eligibility requirement, where applicable (ASEAN CPA/RFPA)

ASEAN CPAs are not allowed to engage in regulated services.

Regulations for RFPA are in the process of being developed.

Currently, ASEAN CPAs/RFPAs are not allowed to practice auditing under the MAC Law; they can only engage in providing non-audit services, as mentioned above. Only Myanmar citizen Practicing Accountants are entitled to pursue public accounting
practice, as shown in the first column under Public Practice.

Non-Regulated Accounting Services

Professional Accountant in Business
  • Financial accounting
  • Booking
  • Cost and Management  Accounting
  • Preparation, compilation or reporting of financial statements
  • Financial management consultancy
  • Investment consultancy
  • Tax consultancy, Tax Filing , Tax Calculation
  • Company registration and secretarial services
  • Liquidation, insolvency and receivership
  • Accounting system design, development and implementation
  • Accounting system review & analysis
  • Internal Audit
  • Accounting Education Establishment
  • Share Valuation
  • Business Valuation
  • Other accounting related services which shall be determined by PRA from time to time

NAB Membership and/or PRA Registration

NAB Requirement:

No.

PRA Requirement:

No.


NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB Requirement:

NAB membership is not required yet.

PRA Requirement:

PRA registration is not yet required and also there is no restriction on examinations, tests and recognised qualifications. However practising and non-practising CPA (who are registered at PRA) could perform those services.



Citizenship Requirement

No.


Remarks

No. Subject to domestic Laws and regulations, such as Myanmar Accountancy Law and By-laws, the Myanmar Companies Law, Financial Institutions Law, Notifications issued by MAC, etc.


Eligibility requirement, where applicable

Open to ASEAN CPA / RFPA.

ASEAN nationals officially recognized as ACPAs by ACPACC under MRA. At present, RFPAs are allowed to practice non-regulated services under MAC Law.

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