payday loans texas Education
Trainings and Administration of Registrations
The MAC conducts the CPA and Diploma in Accountancy (DA) Training Courses.
It also administers three categories of Registrations, namely;
(i) Registration as Apprentice Accountant
(ii) Registration as Certified Public Accountant
(iii) Registration as Practicing Accountant
(i) Registration as Apprentice Accountant
Until 2004, a citizen desirous of registration as an Apprentice Accountant was allowed to apply to the Council in accordance with the stipulations of the Council. If after scrutiny the Council found that the application was in conformity with the stipulations it would:-
(a) Select and allow registration as an Apprentice Accountant as well as CPA student;
(b) Cause the prescribed registration fees, tuition fees, examination fees, to be paid; and
(c) Enroll as Apprentice Accountant in the Register.
The Apprentice Accountant could pursue his studies during the period of apprentice service in accordance with the procedures.
However, from 2004 onwards, CPA 26th batch intake students are first required to gain admission to the CPA Part I classes. Only those who passed the CPA part II Examination are allowed register as CPA Apprentices.
The MAC issues the Certified Public Accountant (CPA) Certificate to any person who, after having passed the CPA examination, has satisfactorily completed the practical training during the period of apprentice service.
(ii) Registration as Certified Public Accountant payday loans texas
A citizen desirous of registration as a CPA may apply to the Council for such registration, if he possesses any of the following qualifications:
- a person who holds the CPA certificate;
- a person who, having passed the RA examination, has satisfactorily completed the practical training within the period of Article ship;
- a person who holds an Accountancy Certificate or degree conferred by any foreign country and recognized by the Council; and
- A person who has been registered as a RA under the MACL, 1972 or a person who is entitled to.According to Section 13 of BACL, 1994, if after scrutiny the Council finds that the application is in conformity with the stipulations, it shall:
- allow registration;
- cause the prescribed registration fees to be paid; and
- Issue a Certificate of Registration as a CPA, after entering the name in the register.
On expiry of the tenure of the Certificate of Registrations as a CPA, a person desirous of renewing such tenure may apply to the MAC in the manner prescribed enclosing the fulfillment of continuing professional education program. The MAC may renew the tenure after causing payment of the prescribed fees to be made.
(iii) Registration of the Practicing Accountant
If the Certified Public Accountant who is registered under section 13 is desirous of Practicing Accountancy as a main profession, he or she may apply to the MAC to be so registered in the manner prescribed. If scrutiny the MAC finds that the application is in conformity with the stipulations it shall:
- allow registration;
- cause the prescribed registration fees to be paid;
- Issue a Certificate of Practice as a Practicing Accountant, after entering the name in the register.
(A) Practicing Requirement and Certificate of Practice
No person shall act as an auditor of any company established under the Myanmar
Companies Act or the Special Company Act, 1950, 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.
After payment of the prescribed registration fees, he or she will be allowed to be enrolled on the Register of Practicing Accountants and be issued a Certificate of Practice as a Practicing accountant. Non CPA can take on any audit engagement without holding the above Certificate of Practice. Under this law, only the citizens of the Union of Myanmar who hold the Certificates of Practice, are allowed to practice Professional auditing.
On expiry of the tenure of the Certificate of Practice as a practicing Accountant a person
desirous of extending such tenure may apply to the MAC in the manner prescribed. The
MAC may extend the tenure after causing payment of the prescribed fees to be made.
Subject to Section 21 of the MAC Law, the MAC may form and assign a three-member Inquiry Committee, consisting of at least one MAC member to investigate the Practicing Accountant who is alleged to have failed in any one of the duties prescribed in Section 18, or to have violated any one of the professional ethics prescribed in Section 19.
The Inquiry Committee shall submit a report of its findings to the Disciplinary Committee,consisting of 5 MAC members, formed for this purpose by the MAC. The Disciplinary
Committee may mete out any of the following administrative penalties:
- giving a warning;
- withdrawing the right to practice as a Accountant for a fixed period of time:
- Cancelling the Certificate of Practice as a Practicing Accountant.
(D) Compliance with Legislation
The Burma Auditor’s Certificates Rules 1939 was first promulgated primarily to produce qualified accountants to meet the requirements of the provisions of Section 144 (2) of theBurma Companies Act. The qualified accountants thus produced were regulated by the said1939 Rules as amended by the 1956 Rules all along under the Burma Companies Act. The 1956 Rules mainly restricted enrolment on the Register of Accountants limited to citizens of the Union of Myanmar, other than those already on the register. The provisions of the Burma Companies Act regulated the conduct of the professional auditing, especially in regard to corporate auditing.
However the MAC Law 1972 and the repealed MAC Law 1994 encompassed wider perspective for the whole profession for the whole country not confined only to corporate auditing. The MAC is empowered to conduct the Certified Public Accountants (CPA) and Diploma in Accountancy (DA) training courses and to regulate the accounting profession by maintaining the Register of Certified Public Accountants and the Register of Practicing CPAs and, to take disciplinary action against the CPAs who fail to observe the code of professional ethics contained in the Law.