• Register
Return to: Home > News > Assurance and Accounting > EY first Big Four firm to offer assurance services in Myanmar

EY first Big Four firm to offer assurance services in Myanmar

EY has added Burmese firm EY UTW to its network and as a result will be the first Big Four firm to offer assurance services in Myanmar.

So far international accounting firms have been offering tax and advisory services as Myanmar Accountancy Council (MAC), the regulatory body, has stringent criteria on who qualifies to perform audit work.

In order to qualify as an auditor, practitioners need to be certified public accountants (CPAs) or hold an accountancy certificate or degree from any foreign country recognised by the MAC. Additionally, auditors have to be Myanmar citizens and registered with the MAC to obtain a Certificate of Practice.

EY new member firm EY UTW, a local Burmese firm, already has a license to provide audit services in Myanmar, an EY spokesperson told the International Accounting Bulletin.

More firms are expected to follow suit as a change in regulation is expected before the end of the year. The new regulation is likely to liberalize further the Burmese economy and make it easier for international accounting firms and businesses to operate in Myanmar.

ICAEW head of international capacity building Mark Campbell told sister magazine The Accountant last month that this would "lead in a very large influx of big audit firms into Myanmar".

It would be the latest development in the country's opening to the world. After five decades of isolation and military rule and following Myanmar's 2010 general election, the first in 20 years, the country has seen an influx of foreign businesses quickly followed by the accounting profession.

In April 2013 EY was the last Big Four network to enter Myanmar since the political and economic transition started. KPMG established a presence in October 2012, followed by PwC in November 2012 and Deloitte in January 2013. And a few mid-tier firms such as BDO have follow suit.

Related article:

New democracy releases the pressure

Top Content

    Blockchain and the Big Four: does it deserve all the hype?

    Although still in its infancy, blockchain is one of the most talked-about technologies of 2018. Will the blockchain bubble burst, or will it live up to its reputation as the ‘new internet’? Eleanor Jerome investigates

    read more

    Malaysia: Ready to show its strength

    Recent changes have enhanced the quality of audit reports in Malaysia, giving the profession a welcome opportunity to demonstrate its value to clients. Paul Golden reports

    read more

    China: Regulating the Chinese dragon

    Harsh regulatory actions and looming US trade wars have been dampening expectations in a Chinese market still full of potential, finds Jonathan Minter

    read more

    Indigenous Australians: New checks and balances

    With fewer than 40 known qualified Indigenous Australian accountants, Jonathan Minter speaks to Shelley Cable from PwC Australia about how increasing this number is an important part of improving the financial literacy of Indigenous communities

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.