One of three international audit teams that will check the transparency of resources will be chosen after their financial reports are inspected, according to Myanmar EITI (Extractive Industries Transparency Initiative) Coordination Office.
The three shortlisted audit firms are UK-based Moore Stephens, Australia’s ENY and EU-based Fair Link.
Min Zarni Lin from the coordination office said: “The chosen team will be released after their technical and financial reports have been accessed.”
Six representatives from the private sector and the government, coordination office and World Bank will select the audit team. It will be finalised at the end of April.
As an EITI candidate country, Myanmar will have to submit the inflow of tax revenues generated by extractive industries to the EITI Secretariat Office and make the data public.
The audit team will release its findings on the revenues of extractive industries and taxes.
Myanmar has chosen oil and natural gas as priority sectors for the EITI report. And it needs to finalise its application within 18 months of July.
The EITI is an international organisation which maintains a standard, assessing the levels of transparency around countries’ oil, gas and mineral resources. This standard is developed and overseen by a board, consisting of representatives from governments, extractives companies, civil society organisations, institutional investors and international organisations.