MGA launches consultation on Revised Audit Service Provider Guidelines

The Malta Gaming Authority (MGA) has launched a consultation document outlining its proposals for a revision on the guidelines governing audit service providers for the industry.

The MGA is inviting the gaming industry, service providers as well as wider interest groups to express their views and provide their in relation to the Revised Audit Service Provider Guidelines (‘Guidelines’).

In 2018, the Authority introduced a process whereby service providers interested in performing relevant auditing work (‘Service Providers’) are required to apply to the MGA for their suitability to be assessed and approved.

The process proved to be effective, providing the MGA with the appropriate mechanism to approve independent and competent Service Providers as well as remove or suspend providers in case of unsatisfactory performance.

Currently, 21 local and international firms are eligible to perform such audits in line with the quality standards set by the Authority.

In line with the fast pace of regulatory change across the global gaming industry, the MGA has recently reviewed the requirements applicable to audit services to ensure that they remain up to date.

In view of the MGA’s stated commitment to an open and transparent decision-making process, it is issuing this consultation paper to communicate and refine its proposal in relation to revised Guidelines and promote a greater understanding of the proposal itself. The consultation, which will run until 11th November 2021, seeks from the industry in relation to:

• Amendments introduced in the Guidelines (as listed in Section 3 of the Consultation document); and
• Extension of the applicability of the Guidelines to statutory audits carried out in accordance with international financial reporting standards as required by Article 41(2) of the Gaming Authorisations and Compliance Directive (Directive 3 of 2018).

Following the consultation process, the MGA intends to publish its decision, including the final version of the Guidelines and any other ing documents, by the end of the year 2021.

Any queries and requests for clarifications that contributors may have in respect of the contents of the consultation paper and from the interested parties shall be sent to the following email address: [email protected].