The Malta Gaming Authority has asked all of the parties within the gaming industry, to wit operators, providers, and wider interest groups to comment their opinions on the Revised Audit Service Provider Guidelines. Depending on the results from the queries, the MGA might revise some of the points.
MGA Thinks It Is Time to Revise the Audit Service Provider Guidelines
Back in 2018, the MGA introduced a process under which service providers, defined as “providers interested in performing relevant audit work”, need to first apply to the authority. The MGA then checks the providers’ sustainability before approving them.
This process soon proved to have its merits as the MGA was now armed with the appropriate mechanism to evaluate service providers. Those who were deemed to be competent were allowed on the market and those who yielded an unsatisfactory performance were removed or suspended.
As this process was introduced three years ago, Malta’s Gaming Authority is now reviewing the requirements. The regulator wants to be sure that everything is up to date and corresponds to the changes within the gaming sector and within its own expectations.
The Regulator Will Hear the Opinions of the Industry
The MGA’s standards include a “commitment to an open and transparent decision-making process”, which is why the authority will hold consultations with the various bodies within the gaming ecosystem. The regulator will listen to operators, service providers, and wider interest groups, hear their suggestions and concerns, and refine the final version of the revised Audit Service Provider Guidelines.
The consultation period will run until November 11 this year. During that time interested parties can contact the regulator. In a quotation of MGA’s official announcement, the authority asks the industry for feedback in relation to the following points:
- the amendments introduced in the Guidelines (as listed in Section 3 of the Consultation document); and
- the 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 Authorizations and Compliance Directive (Directive 3 of 2018).
After the feedback period is over, the regulator will take a while to consider all of the points that have been made by the involved parties. The MGA plans to finish the final version of the Guidelines, including any other supporting documents, by the end of this year.
Interested parties that want to learn more about the process or need some clarifications in relation to the contents of the consultation paper can contact the Malta Gaming Authority on the following official email.