BDO Malta Transparency Report 2024

We are pleased to introduce you to the BDO Malta Transparency Report that covers the financial year ended on the 31 December 2024.

Driving Quality, Innovation and Growth

BDO Malta continues to strengthen its position as a key partner for our clients. The year under review has been shaped by significant market shifts, regulatory developments, and technological advancements, reinforcing the need for agile advisors and trustworthy audit and assurance professional services. Our firm has continued to expand its capabilities to ensure that we can continue support our clients’ growth. Meeting compliance requirements and managing risks effectively remain an important pillar for any client aspiring to achieve further business prosperity. 

BDO Malta recorded a 10.1% growth in fee income, reflecting both the demand for our expertise and the confidence that organisations place in our ability to deliver value. Beyond fee revenue performance, our success is measured by our purpose of helping our clients succeed and the respect we show to our people. A key priority has been equipping our professionals with digital tools and training to support our clients in overcoming regulatory and operational challenges. In this context, BDO became the first audit and assurance service provider in Europe to deploy an AI-powered internal audit tool developed by a reputable US company. The efficiency gains estimated to result from this investment will allow our internal auditors to focus their time and skill on key risk areas, thus adding value to our clients, while repetitive tasks become automated.  

Upholding a Culture of Quality  

Quality remains the foundation of everything we do. Our Head of Audit and Audit Partner, Sam Spiridinov, was chosen by the BDO Global Audit Quality leadership to join a team of experts conducting audit quality reviews on other member firms within the network. This is Sam’s success but also a feather in our cap at BDO Malta. Sam’s handpicking is testament to our Firm’s commitment to maintain the highest possible audit quality standards. Our Audit Quality Award allows us to recognise excellence within our audit teams. Beyond audit and assurance, we remain dedicated to helping clients manage risk, regulatory and fiscal compliance, and financial reporting. Our multidisciplinary teams provide guidance across various industries, supporting organisations in meeting their obligations efficiently and effectively. As part of this commitment, we have expanded our Internal Audit team through the engagement of an experienced Director, Ruban Thangaraja. Ruban brings years of solid experience from his previous roles at Big4 firms and is leading BDO Malta efforts to support financial entities within their regulatory environment. 

Engaging with industry and stakeholders  

In late 2024, we held the first BDO Malta Internal Audit Forum, a first-of-its-kind event for Internal Auditors and a significant step in our commitment to thought leadership and industry dialogue. This forum provided a platform for industry leaders, regulators, and senior professionals to discuss the strategic value of internal audit in corporate governance, risk management, and regulatory compliance. 

As businesses face heightened regulatory expectations and operational risks, internal audit plays a critical role in ensuring oversight, accountability, and resilience. Through this Forum, we reinforced the importance of collaboration, knowledge-sharing, and practical insights to support organisations in strengthening their governance frameworks. The event marks a significant step forward in BDO Malta’s role in shaping industry discussions and providing professional insights. 

Looking Ahead  

As we move forward, the business and regulatory landscape will continue to evolve, requiring resilience, innovation, and expertise. At BDO Malta, we remain committed to strengthening our capabilities, embracing technological advancements, and ensuring that our clients receive the highest level of service. We extend our appreciation to our clients, partners, and professionals for their collaboration and dedication. The year ahead presents both challenges and opportunities, and we look forward to continuing providing value-driven solutions to the organisations we serve