Adoption and Implementation of Financial Audit ISSAIs in Myanmar SAI

 Myanmar SAI has initiated its assessment on ISSAI compliance and drafted its roadmap to fully comply with the International Standards of Supreme Audit Institutions (ISSAI) in the Bandung workshop in August 2014.The adoption of these standards will enhance professionalism and credibility in the public sector in line with the international auditing standards. As such, Myanmar SAI has taken the initiative to issue the Financial Audit Manual based on ISSAIs as a guide to all auditors to carry out their audit effectively, efficiently and of high quality. Based on self-assessment for 125 High Level Financial Audit ISSAI Requirement, Financial Audit Manual has been prepared with the technical assistance of Asian Development Bank in 2016. This manual is in the process of being translated from English to Myanmar version by hiring the translator with the EU Financial Support.

Several workshops have been held for ISSAI-compliant financial audit for enhancing the capacity of staff. ISSAI-compliant financial audits have been conducted as pilot tests for ADB funded projects with assistance of ADB grant in 2016 and Pilot financial audits compliant with ISSAIs have been performed by the technical assistance of EU grant in 2018. Myanmar SAI has developed Financial Audit-A Practical Guide complementary for ISSAI-compliant Financial Audit Manual in cooperation with EU. Transition towards ISSAI-compliant Financial Audits: Roll Out Plan (2018-2019 to 2022-2023) has also been developed by EU grant to conduct the financial audits in line with ISSAIs as a whole country.

Myanmar SAI has made continuous efforts to enhance capacity building for improving audit quality by applying ISSAI-compliant Financial Audit Manual and Guideline.