1. In order to conduct further co-operation in the adoption and implementation of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) in Myanmar’s banking sector, the Office of the Auditor General of the Union (OAG) and German International Cooperation (GIZ) signed a Memorandum of Understanding (MoU) at the Office of the Auditor General of the Union, Nay Pyi Taw on 6th November, 2018.
2. The Auditor General of the Union, the Permanent Secretary, the Director General (Audit Department), the Deputy Permanent Secretary, the Deputy Director Generals and responsible persons from OAG attended the signing ceremony.
3. The MoU was signed by Daw Si Si Chein, Director and U Aye Ngwe, Deputy Director of International Relations Division as the representatives of OAG, and Mr. Armin Hofmann, Program Director and Mr. Anthony Deary, Program Manager of Banking and Financial Sector Development (BFSD) in Myanmar from GIZ.
4. The MoU aims to support the implementation of IFRS and ISA in Myanmar’s banking sector. According to the MoU, GIZ will provide technical assistance for the adoption and implementation of IFRS and ISA, support the Banking Sector Financial Reporting Standards Implementation Committee (BFRIC) and the initiatives as outlined in the Country Strategy and Action Plan (CSAP).