Once the Authority contacts a licensee stating that a Compliance Audit needs to be conducted, the licensee needs to engage an approved Compliance Auditor and submit a ‘Letter of Engagement’, as well as a ‘No Conflict-of-Interest’ declaration. From thereon, the engaged External Auditor has three (3) months to submit the complete Compliance Audit Report to the MGA. Following submission, the MGA’s audit team conducts a review of the Compliance Audit Report and follows up with the licensee on any issues that arose during the audit.