MDIA reconfirms BDO as Certified Systems Auditor for ITA

15 October 2021

The Malta Digital Innovation Authority (MDIA) reconfirmed BDO Malta as a Certified Systems Auditor for Innovative Technology Arrangements (ITA).

BDO Malta is the only business organisation in Malta to be reconfirmed as Systems Auditor after already receiving certification amongst the first wave of Systems Auditors in 2019.

System Audits are mandatory for Issuers and Service Providers applying to the Malta Financial Services Authority (MFSA) for a licence under the Virtual Financial Assets (VFA) Act and for an ITA seeking a voluntary certification under the MDIA certification process. A similar assurance process is also obligatory for tenants of the MDIA and Malta Gaming Authority (MGA) Sandbox.  

The certification allows BDO Malta to conduct both Type I and Type II System audits which are based on guidelines and control objectives issued by the MDIA.

A Type 1 System Audit is usually conducted when the ITA is in the process of applying to be certified by the Authority, or when the Authority deems it necessary. A Type 2 System Audit extends into the operational effectiveness of controls during the timeframe of the audit and is carried out periodically, or at the behest of the Authority.

The requirement to conduct System Audits came into force on 1st November 2018 as a result of Malta’s new regulatory framework for Virtual Financial Assets and Innovative technology Arrangements. 

The process to obtain the MDIA’s recognition as System Auditor is very rigorous and requires the System Auditor to have deep knowledge and understanding of the technology being audited as well as the system audit principles applied across IT assurance frameworks.

Mark Attard, Chief Executive Officer at BDO Malta stated, “This MDIA certification is a significant milestone for BDO as it confirms that our Technology Assurance team, led by Ivan Spiteri, has proven beyond doubt its capabilities in the assurance of complex technology arrangements. Our direct experience in technology assurance engagements is unparalleled and we are proud of our team members who have contributed their effort towards this success.” 

BDO Malta is certified to conduct MDIA Systems Audit and is an approved Systems and Compliance Auditor by the Malta Gaming Authority.

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