Three and half years after its return to Myanmar, the world’s largest professional services firm, PwC, reaffirms its confidence in Myanmar by expanding into a brand new office in HAGL Myanmar Centre Tower 1, along Kabaraye Pagoda Road. The new office is in on the 11th floor of the building.
At the event marking the official opening of the new office, PwC Directors spoke about the opportunities and potentials of Southeast Asia’s rising star.
At the press conference, Myanmar Insider asked PwC why reports from Myanmar audit firms are still not relied upon with regard to audits of MNCs. PwC replied that there is a need to use international auditing standards when audits are being performed for international clients. PwC said that clients need to use international auditors, because of the need to comply with international auditing standards.
In Myanmar, current rules are such that only local auditors can perform the audits of local companies, including local subsidiaries or branches of foreign MNCs. PwC cooperates with the largest local auditing firm Win Thin & Associates and the modus operandi is such that PwC takes care of results of international consolidation (of MNCs) and Win Thin looks after the local auditing requirements.
PwC mentioned Myanmar local auditing firms still lack the operating knowledge of international auditing. Even though from local auditors understand the international accounting and auditing standards from a technical point of view, they lack experience of auditing international companies. PwC highlighted the need to up skill and upgrade local accounting firms with the international standards.
Myanmar Insider also asked PwC on the acceptance of certain clients, e.g., those appearing on Panama papers. PwC replied that because the concerns over the firm’s international reputation, it has to make sure that the clients are not of ill repute. The same caution applies regardless of the type of job to be undertaken by the firm. PwC further confirmed that it would not work with clients on the US or global sanction lists.
Top Myanmar clients of PwC include MPT, Yoma Bank, MAPCO and UAB Bank. Typical local assignments of PwC include advisory, consulting, tax planning, etc
