Myanmar Institute of Certified Public Accountants

Under the Myanmar Accountancy Council (MAC) Law, the MAC is responsible for establishing a quality assurance (QA) review system in Myanmar. Pursuant to Notification No. 9/2018, an Audit Monitoring Committee (AMC) was established under the oversight of the MAC to monitor the work of auditors. However, a jurisdiction-wide QA review system has not yet been operationalized due to resource constraints.

Within the scope of its role, the Myanmar Institute of Certified Public Accountants (MICPA) continues to support the development of a QA framework in Myanmar. MICPA coordinates with the MAC and regional and international partners to support the eventual establishment of a system aligned with SMO 1 requirements.

MICPA is represented on the AMC through its Board members and remains involved in ongoing discussions with stakeholders, including the Asian Development Bank (ADB), the Institute of Chartered Accountants in England and Wales (ICAEW), the ASEAN Federation of Accountants (AFA), and the World Bank, on initiatives aimed at supporting the development of a QA review program in Myanmar and the wider region.

To support implementation readiness, MICPA collaborates with the MAC to conduct seminars and workshops on International Standard on Quality Control 1 (ISQC 1), International Standard on Auditing (ISA) 220, and related audit guidance, including quality control, audit procedures, reporting, and disclosure requirements.

MICPA is encouraged to continue focusing on supporting the MAC and relevant stakeholders in operationalizing a QA review system that incorporates the requirements of SMO 1, including establishing a formal review cycle, adequate resourcing, and clear follow-up mechanisms for review findings.

Current Status: Execute

The Myanmar Accountancy Council (MAC) Law stipulates initial professional development (IPD) and continuing professional development (CPD) requirements in Myanmar and provides both the MAC and the Myanmar Institute of Certified Public Accountants (MICPA) with the mandate to implement these requirements.

Within this framework, MICPA’s direct responsibility is focused on administering CPD training and professional development programs. MICPA also participates in the MAC’s education-related committees, including the Curriculum Committee and Examination Committee, through which it contributes to the development and enhancement of IPD and CPD requirements.

MICPA reports that an assessment against the International Education Standards (IES) was undertaken in 2017, which concluded that certain IPD and CPD requirements partially align with the IES. MICPA has recognized the need for a more formal and comprehensive gap analysis and is seeking support from relevant stakeholders to undertake this work.

To support alignment with international standards, MICPA actively collaborates with foreign professional accountancy organizations, including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Institute of Singapore Chartered Accountants (ISCA), as well as local universities, to strengthen professional education, CPD offerings, and awareness of the CPA qualification.

MICPA is also enhancing its CPD and technical training programs to support the implementation of updated accounting and auditing standards in Myanmar and continues to engage with international partners on capacity-building initiatives for both private and public sector professionals.

Given the shared regulatory authority in this area, MICPA is encouraged to continue prioritizing a formal gap analysis against the latest IES and to work closely with the MAC toward formal adoption and demonstrable alignment of IPD and CPD requirements with the full IES framework.

Current Status: Execute

Under Article 17(d) of the Myanmar Accountancy Council (MAC) Law, the MAC is responsible for setting auditing standards in Myanmar. While the Myanmar Institute of Certified Public Accountants (MICPA) does not have a formal role in the adoption of International Standards on Auditing (ISA), it maintains well-established ongoing processes to support their implementation.

MICPA actively supports the MAC through continuing professional development (CPD) training, seminars, and workshops on auditing standards and related quality management requirements. Over the years, MICPA has delivered training on topics including International Standard on Quality Control 1 (ISQC 1), audit quality, and audit methodology.

MICPA has collaborated extensively with international professional accountancy organizations, including the Institute of Singapore Chartered Accountants (ISCA), the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Japanese Institute of Certified Public Accountants, to support implementation of ISA and strengthen audit capacity in Myanmar.

Notably, MICPA’s collaboration with ISCA included a train-the-trainer model through which CPAs, including MICPA Board members, were trained to further extend technical support and training to the wider membership base.

MICPA also participates in the national standard-setting process in collaboration with the MAC and continues to explore avenues for translating the applicable auditing standards into the local language.

Through these well-established and ongoing activities, MICPA demonstrates sustained support for the implementation of ISA in Myanmar.

Current Status: Sustain

Under the Myanmar Accountancy Council (MAC) Law, the MAC is responsible for establishing ethical requirements for Certified Public Accountants (CPAs) in Myanmar. The Myanmar Institute of Certified Public Accountants (MICPA) reports that, in September 2019, the MAC adopted and published the 2018 International Code of Ethics for Professional Accountants (including International Independence Standards).

Although MICPA has no formal role in the adoption of ethical requirements, it maintains well-established ongoing processes to support their implementation. MICPA regularly delivers continuing professional development (CPD) training, seminars, and awareness programs on ethics and professional conduct.

MICPA has organized dedicated ethics seminars and webinars, including a seminar delivered in collaboration with KPMG on the 2018 Code, and continues to communicate ethical requirements to members through its website, social media channels, and publications, including its quarterly magazine.

To reinforce compliance, members are required, as part of the annual license renewal process, to confirm their understanding of and adherence to the Code. Adherence to the Code has also been incorporated into MICPA’s constitution.

MICPA continues to consider translation of the Code, subject to funding availability, and maintains ongoing training and awareness initiatives to support members in the application of ethical requirements.

Through these established and ongoing activities, MICPA demonstrates sustained support for the implementation of ethical requirements in Myanmar.

Current Status: Sustain

Under the Auditor General of the Union Law of 2010, the Office of the Auditor General (OAG) is responsible for establishing public sector accounting standards in Myanmar.

The Myanmar Institute of Certified Public Accountants (MICPA) has no direct responsibility for the adoption of International Public Sector Accounting Standards (IPSAS). However, within the scope of its role, MICPA has maintained ongoing efforts to support public sector financial reporting reform in Myanmar.

MICPA has actively engaged with the OAG and government stakeholders to raise awareness of IPSAS and to advocate for their eventual adoption. It has also extended awareness-raising activities to members and professionals working in the public sector.

In addition, MICPA has acted as a liaison between the OAG and external development partners to facilitate learning and identify possible sources of technical and financial support for public sector accounting reform. This has included support for a public sector accounting reform conference held in August 2019 in collaboration with the World Bank, the Ministry of Planning and Finance, and the OAG.

MICPA has also supported efforts to secure funding from the European Union Trust Fund for a project aimed at laying the foundation for eventual IPSAS adoption in Myanmar, including preparation of a gap analysis, stakeholder engagement, and development of a transition roadmap.

Given the nature of its mandate and the legal framework in the jurisdiction, MICPA continues to maintain appropriate and sustained support activities in this area.

Current Status: Sustain

Under the Myanmar Accountancy Council (MAC) Law, the MAC is responsible for establishing an investigation and discipline (I&D) system in Myanmar. Sections 72–79 of the MAC Law establish an Investigation Board and a Discipline Supervisory Committee, on which the Myanmar Institute of Certified Public Accountants (MICPA) serves as a member.

Within the existing I&D framework, MICPA contributes to the operation of the Investigation Board and the Discipline Supervisory Committee and actively raises awareness of the system through its website, social media, and continuing professional development seminars.

MICPA has indicated that, with the support of the MAC, it is reviewing the existing I&D framework and plans to undertake a formal gap analysis against SMO 6 requirements to identify areas for improvement and develop solutions to strengthen alignment.

MICPA further reports that, under its constitution approved in December 2019, future I&D responsibilities will be shared between the MAC and MICPA, with MICPA expected to establish an I&D process for a new non-CPA membership category once operational.

MICPA is encouraged to continue prioritizing the formal review and enhancement of the existing I&D framework, including addressing the gaps identified in the adoption assessment and strengthening alignment with the requirements of SMO 6.

Current Status: Review & Improve

Under Article 17(d) of the Myanmar Accountancy Council (MAC) Law, the MAC is responsible for setting accounting standards to be applied in Myanmar.

Although the Myanmar Institute of Certified Public Accountants (MICPA) has no direct responsibility for the adoption of accounting standards, it maintains well-established ongoing processes to support the MAC in the implementation of International Financial Reporting Standards (IFRS) in Myanmar.

MICPA plays an active coordination role as the principal liaison between the MAC and the IFRS Foundation, including supporting licensing arrangements and facilitating communication on standards-related matters. MICPA also works with the Asian Development Bank (ADB) and other stakeholders to support the translation of IFRS and the IFRS for SMEs Standard into the local language.

In addition, MICPA delivers continuing professional development (CPD) training and technical seminars on accounting standards in collaboration with local practitioners and international professional accountancy organizations, including the Institute of Singapore Chartered Accountants (ISCA), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Association of Chartered Certified Accountants (ACCA).

MICPA also liaises with national stakeholders, including the Central Bank of Myanmar, the Union of Myanmar Federation of Chambers of Commerce and Industry, and the Internal Revenue Department, to raise awareness of accounting standards and support capacity building.

MICPA continues to participate in the national standard-setting process in collaboration with the MAC and maintains sustained support for the implementation of IFRS in Myanmar.

Current Status: Sustain