Professional services firm Deloitte announced last week that it has established its presence in Asia's new economic frontier Myanmar, joining other big-four accounting and audit firms.
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, has set up an Independent Correspondent Firm (ICF) in Myanmar through leading local professional services firm Myanmar Vigour. This paves the way for Deloitte to offer a suite of professional services to clients looking to capitalise on the opportunities in the newly-opened country.
Deloitte's new Independent Correspondent Firm in Myanmar will support development of the country's opening economy through provision of a complete range of tax, consulting, advisory and accounting services, a Deloitte statement said.
Chaly Mah, Deloitte's Asia-Pacific chief executive, said that with reform and the lifting of sanctions in Myanmar happening at a clip, many of Deloitte's clients across all industries are looking to tap the business opportunities in the country.
“By combining the deep local knowledge of Myanmar Vigour with specialist expertise from the global Deloitte network, we are best positioned to help new and existing clients in Myanmar develop and consolidate their market leadership,” Mah said.
The establishment of the ICF will connect Myanmar Vigour with access to a global network of professionals in over 150 countries. The firm will continue to be led by founder Soe Win, a leader in the industry with over 30 years' experience of the local regulatory and market environment.
Deloitte is one of the “Big Four” professional services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG.
Deloitte is the second largest professional services network in the world by revenue and has 193,000 employees in more than 150 countries providing audit, tax, consulting, enterprise risk and financial advisory services. In FY 2012, Deloitte earned a record $31.3 billion in revenues.