Common use of Specific Regulations Clause in Contracts

Specific Regulations. Auditing of the following organizations require special clearance from the respective regulators: Banks, Insurance companies, Cooperatives and Public interest entities. Joint venture company with the participation of the State capital need the approval from Union Auditor General for appointing auditor under Myanmar Companies Act section 145 (a). Myanmar Accounting Standards (MASs) in line with the IASs have been issued since 2003. MAC is working to improve the existing MASs in keeping with the latest IASs and full IFRSs for public listed companies. MAC recently approved MASs for non-publicly accountable entities (NPAEs) on November 4, March 30, 2009. The first module of Myanmar Standards on Auditing (MSAs) and the second module of Myanmar Standards on Auditing (MSAs) in accordance with the ISAs was pronounced on February 13, 2009 and October 14, 2010.