One of the ‘Key Functions’ required to be established by the Malta Gaming Act is an independent and autonomous Internal Audit function. This key position within the organisational structure is intended to act as the ‘third line of defence’ (behind the first and second lines in the form of the primary process owners and the supporting risk and regulatory functions), providing independent assurance on the overall robustness of the established internal control framework whilst highlighting areas for improvement.
The Internal Audit Function is in fact tasked with reporting directly to both the companies’ established board of directors/Audit Committees and the MGA itself in its regulatory oversight role. It acts as the primary intermediary between the engaging entities and the Regulating Body itself on all matters related to internal controls and comprehensive risk regulation.
How can BDO help?
BDO Malta can be engaged as a specialised internal audit practitioner capable of guaranteeing the introduction of autonomous elements and capable of providing a distinct insight into the core operational framework of the engaging entities, employing a significantly varied approach to traditional in-house audit functions due to their undisputed independence from the operative fulcrum targeted.
BDO Malta can assist companies through:
- full internal audit function outsourcing;
- internal audit function co-sourcing;
- external support of “in-house” internal audit functions; and
- specialised training on the internal audit function.