MAC Functions

The duties of the Myanmar Accountancy Council

The Myanmar Accountancy Council is undertaking the following duties-

  1. Advising requirements concerning accountancy and accounting of Government departments and business entities;
  2. Opening, managing and supervising accountancy training courses and awarding diploma and examination certificates;
  3. laying down programme and regulations for practical training of Apprentice Accountant, prescribing the apprenticeship as an accountant, approving the Certified Public Accountant who can provide apprentice;
  4. scrutinizing and recognizing the foreign accounting certificates and degrees, and prescribing the requirements for the registration of citizens who hold such certificates or degrees;
  5. Appointing a suitable person as a registrar to perform the registration of the apprentice accountant, the registration of the teacher, the registration of the private accounting training schools, the registration of Certified Public Accountants (Full-fledged), the registration of Professional Accountant in Public Practice, the registration of Audit Firm and the registration of Non-audit Services.
  6. Communicating and cooperating with international accounting entities in order to promote and modernize the accounting.
  7. forming committees with members of the Council, the Certified Public Accountants (Full-fledged) and the suitable citizens in order to achieve the objectives of the Myanmar Accountancy Law;
  8. prescribing and amending the list of the government departments, organizations and the Certified Public Accountants who can provide apprentice; delegating those authorities to the Supervisory Committee for apprentice accountants and Private Accounting Training Schools;
  9. Analyzing whether the teaching of the accounting training schools, opened by the Myanmar Accountancy Council Law, are standardized or not;
  10. forming the necessary committees and the boards; and prescribing the duties of those committees and boards;
  11. directing and supervising the Myanmar Institute of Certified Public Accountants organized for developing of accounting;
  12. taking action against the apprentice accountants, Certified Public Accountants and Practising Accountants who are negligent of their duties, or who violate their code of professional ethics;
  13. Implementing the objectives of the Myanmar Accountancy Law to be achieved;

The Certified Public Accountant and Diploma Accountant Training Courses are opened since 1972; and 2628 the Certified Public Accountants and 4714 Diploma Accountants were passed until 30-4-2021.

There are 150 training teachers, 18 private accounting training schools, 1204 the Certified Public Accountants (Full-fledged), 1455 Professional Accountants in Public Practice, 284 audit firms (sole proprietorship), 17 audit firms (partnership), 35 audit firms (company incorporated), 65 non-audit services (sole proprietorship), 3 non-audit services (partnership), 72 non-audit services (company incorporated-citizens), 26 non-audit services (company incorporated-foreigners) are registered until 28-4-2022.

In order to achieve the objectives of the Myanmar Accountancy Law the following executive committee and the committees are organized;

(i)        Supervisory Committee for apprentice accountants and Private Accounting Training Schools;

(ii)       Curriculum Committee;

(iii)      Examination Committee;

(iv)      Accounting Standards Committee;

(v)       Audit Monitoring Committee;

(vi)      Accounting Monitoring Committee;

(vii)     Practising Registration Certificate Scrutiny Committee;

(viii)    Diploma Accountant and Certified Public Accountant Certificate Scrutiny Committee

The duties and powers of the committees

The executive committee was formed according to the Section 12, Section 13 of the Myanmar Accountancy Council Law and the council 1/2020 meeting resolution, and the following committees were formed according to the Section 20(a) of the Myanmar Accountancy Council Law and the council 1/2020 meeting resolution-

  1. Supervisory Committee for apprentice accountants and Private Accounting Training Schools;
  2. Curriculum Committee;
  3. Examination Committee;
  4. Accounting Standards Committee;
  5. Audit Monitoring Committee;
  6. Accounting Monitoring Committee;
  7. Practising Registration Certificate Scrutiny Committee;
  8. Diploma in Accountancy and Certified Public Accountant Certificate Scrutiny Committee.

Supervisory Committee for apprentice accountants and Private Accounting Training Schools

There are 8 members included in the Supervisory Committee for apprentice accountants and Private Accounting Training Schools and the duties and powers of the committee are as follows-

 (a)      checking and permitting the applications for the apprentice accountant, completion of the apprentices as an accountant, submission of resignation;

 (b)      supervising and disciplining the apprentice accountant;

 (c)       checking, prescribing and permitting the applications for the person who provides the training for the apprentice accountant;

 (d)      permitting to register and renew the applications for the accounting training schools and the trainer, supervising and disciplining them;

 (e)      supervising the training;

 (f)       submitting to the nearest Executive Committee for the special circumstances in matters mentioned in sub-paragraphs (a) to (e);

 (g)      submitting to the Council through the Executive Committee for the issuance of the necessary instructions for the schools and trainers;

 (h)      releasing the training programmes, training schdules, selecting the trainers, checking and releasing the percentage of attendance, releasing the student’s personal number, allowing to resign as a student, permitting to change the school attended;

 (i)       holding the occasional meeting;

 (j)       obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

 (k)      sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Curriculum Committee

There are 14 members included in the Curriculum Committee and the duties and powers of the committee are as follows-

 (a)      submitting to the Council through the Executive Committee for the prescribing of curriculums for the Diploma in Accountancy Training course, the Certified Public Accountant Training course and training courses conducted by the Council from time to time;

 (b)      submitting to the Executive Committee for the amending in accordance with international education standards, adding and cancelling the curriculums prescribed if necessary;

 (c)       submitting to the Council through the Executive Committee for the preparation and publication of subject textbooks for the trainings and amending them if necessary;

 (d)      holding the occasional meeting;

 (e)      obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

 (f)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Examination Committee

There are 9 members included in the Examination Committee and the duties and powers of the committee are as follows-

 (a)      prescribing the examination date for the entrance exams, the examinations of Diploma in Accountancy training courses, the Certified Public Accountant training courses, the qualifying tests for Certified Public Accountant and other training courses; selecting the examinars for each subject and prescribing their duties; supervising the holding of examination, supervising and managing the correction of answer papers; issuing the results;

 (b)      analysing the standards of exam questions,

 (c)       negotiating with examinars if required,

              (d)       holding the occasional meeting;

 (e)       obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

 (f)        sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Accounting Standards Committee

There are 29 members included in the Accounting Standards Committee and the duties and powers of the committee are as follows-

 (a)      prescribing the accounting standards, Financial Reporting Standards and Auditing Standards from time to time,  amending these stanadards in line with Internatinal Standards and submitting to the Council through the Executive Committee;

 (b)      communicating with the international organizations to be able to carry out the activites under sub-paragraph (a);

 (c)       establishing ehtical standards and submitting them to the Executive Committee;

 (d)      arranging the training required to comply with these standards; publishing the supporting textbooks;

(e)       submitting to the Council through the Executive Committee for the issuance of the necessary instructions;

(f)        holding the occasional meeting;

(g)       obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

(h)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Audit Monitoring Committee

There are 11 members included in the Audit Monitoring Committee and the duties and powers of the committee are as follows-

(a)       preparing the procedures, guide, manual and quality control programme to be followed by Professional Accountant in Public Practice and submitting to the Executive Committee;

(b)       arranging the training required and publishing the supporting textbooks to comply with the programmes under sub-paragraph (a);

(c)        submitting to the Council through the Executive Committee for the issuance of the necessary instructions;

(d)       examining and submitting to the Executive Committee for failure to comly with the standards and procedures set by the Council in accordance with the law;

(e)       scrutining and reporting to the Executive Committee for the taking action in accordance with the law against the Professional Accountant in Public Practice who have failed to follow the duties prescribed in Section 66 of the law or violates the code of ethics prescribed in Section 68 of the law and the prohibitions prescribed in Section 88, 88-a, 88-b of the law;

(f)        holding the occasional meeting;

(g)       obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

(h)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Accounting Monitoring Committee

There are 11 members included in the Accounting Monitoring Committee and the duties and powers of the committee are as follows-

(a)       arranging the training required, submitting to the Executive Committee to publish the supporting textbooks to comply with the standards and code of ethics for the practising accountants set by the Council;

(b)       submitting to the Council through the Executive Committee for the issuance of the necessary instructions;

(c)        submitting to the Executive Committee for taking action inaccordance with the law for the failure to follow the stanadards, notifications and instructions issued from time to time prscribed by the Council;

(d)       scrutining and reporting to the Executive Committee for the taking action in accordance with the law against the pofessional accountants and  accounting technicians who have failed to follow the duties prescribed in Section 66 of the law or violates the code of ethics prescribed in Section 68 of the law and the prohibitions prescribed in Section 88, 88-a, 88-b of the law;

(e)       holding the occasional meeting;

(f)        obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

(g)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Practising Registration Certificate Scrutiny Committee

There are 10 members included in the Practising Registration Certificate Scrutiny Committee

 and the duties and powers of the committee are as follows;

(a)       sumbmitting to the Executive Committee from time to time the requirements that need to be amended for the registration or renewal of the accounting by each business organization or individual applicants;

(b)       reviewing the applications, if necessary,  for the registration or renewal of accounting which have been initially analysed by the council office, asking the applicants to submit other documents, submitting to the Council through the Executive Committee to allow those who meet the qualifications;

(c)        reviewing the applications, if necessary,  for the suspension or termination of accounting which have been initially analysed by the council office, submitting to the Council through the Executive Committee to allow those who meet the requirements;

(d)       submitting to the Executive Committee the points to be complied with according to the type of accounting license and the activites that are not allowed to be performed;

(e)       permitting the foreign professional accountant to practise accounting prescribed in Chapter XIV of the law, scrutinizing and submitting to the Council through the Executive Committee in accordance with the provisions of Sections 58 and 60;

                           (f)        holding the occasional meeting;

(g)       obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

(h)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.

Diploma in Accountancy and Certified Public Accountant Certificate Scrutiny Committee

There are 11 members included in the Diploma in Accountancy and Certified Public Accountant Certificate Scrutiny Committee and the duties and powers of the committee are as follows;

(‌a)       submitting to the Executive Committee the the requirements and procdeures

deemed necessary to be amended for the registration as a Diploma in Accountancy or Certified Public Accountant (Passed) or Certified Public Accountant (Full-fledged);

(b)       submitting to the Executive Committee, if necessary, the requirements and procdeures required for the renewal of registration;

(c)        checking and permitting the application of the citizen holding foreign degree or certificate of accounting who pass the qualifying tests for Certified Public Accountant to register as a Certified Public Accountant (Passed) or Certified Public Accountant (Full-fledged), reporting to the Executive Committee if there are any special issues;

(d)       scrutinizing the provisions and methods for implementing the provisions of Section 26 of the law and submitting to the Executive Committee;

                           (e)       holding the occasional meeting;

(f)        obtaining the approval of the committee members by means of sending circulation letters for the urgent matters;

(g)       sending the quarterly report for the committee’s performance to the council office at the first week of the month after the end of the third month and submitting this report to the Executive Committee meeting and the Council meeting.