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Accounting and Audit Requirement
(A) Statutory Requirements – Companies
Every company must appoint one or more auditors to report to the members on the accounts of the company. The directors may appoint the first auditor. The shareholders make subsequent appointments at the annual general meeting. At each general meeting, the directors of the company are required to present an audited Financial Statements that give a true and fair view of the profit and loss and financial position for the company’s preceding financial year.
(B) Myanmar Accounting Standards (MASs) and Myanmar Auditing Standards (MSAs)
MSAs in line with the IASs were first issued on March 5, 2003 and were supplemented on January 7, 2004.
Meanwhile, the MAC prescribed on October 27, 2009 the Myanmar Financial Reporting Standards for Small and Medium-sized Entities (MFRS for SMEs) or non publicly accountable entities.
The MAC has now, on May 6, 2010, withdrawn those MASs and prescribed a complete set of the full Myanmar Financial Reporting Standards, keeping in line with the latest IASs and full IFRSs for publicly accountable entities.
Myanmar Standards on Auditing (MSAs) first module in accordance with the ISAs were pronounced on February 13, 2009. They contain Myanmar framework for assurance engagements, Ethic and quality control, Preface and MSAs 200 to 800.
Those MSAs are effective for audits of financial statements for periods beginning on or after April 1, 2009.
Myanmar Auditing Practice Statements (MAPSs), Myanmar Standards on Review Engagements (MSREs), Myanmar Standards on Assurance Engagements (MSAEs) and Myanmar Standards on Related Services (MSREs) were pronounced on October 14, 2010 same day loans.