MGA publishes Audit Service Providers Application Requirements

The Malta Gaming Authority (“MGA”) is in the final stages of reviewing its systems and compliance audit process with a view to increase synergies between industry entities. As from 1st April 2018 operators licensed by, or that are in the process of applying for a licence from the MGA may engage with any approved Service Provider of their choice, on free commercial terms, when a system and/or compliance review of their operations is required by the MGA within the required time-frames.

Applications for Service Provider Approval

Prospective Service Providers interested in obtaining approval from the MGA to perform relevant auditing work are to:

  • Fill in and submit an Audit Service Provider Application Form, with requested support documentation;
  • Satisfy the Audit Service Provider requirements;
  • Ensure that at all times two or more partners or directors or not less than one partner or director and one lead auditor, hold an authorisation to act as approved auditors;
  • Ensure that at all times approved auditors in the aggregate hold a financial and IT qualifications;
  • Remit the non-refundable Audit Service Provider approval fee (€1,000); and
  • Remit the yearly Service Provider maintenance fee (€500) in advance.

The Authority may grant a Service Provider the necessary approval to act as auditor only if the applicant satisfies the qualifications and requirements determined for such purpose. The approval is valid for two (2) years from date of issue.

Sub-contracting any part of the services as part of this new regime is not allowed.

Furthermore, the MGA will review Compliance and/or Systems Audit reports on a regular basis in order to ensure that the service provided meets the quality standards required by the Authority. Based on its findings, the MGA reserves the right to have the appropriate mechanisms to remove or suspend any Service Provider from the approved list in case of unsatisfactory performance.

Guidelines for Audit Service Providers can be found here and Application Forms for prospective Audit Service Providers can be found here.

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