Service Providers for your System and Compliance Audits
Operators licensed by the MGA are required to appoint an approved Audit Service Provider of their choice, on free commercial terms, when a review of their operations is requested by the Authority.
The review can be one of the following types:
- Systems Audit, which is carried out as part of the MGA licensee on-boarding process or when deemed necessary by the MGA; and
- Compliance Audit of licensed operators, which is carried out throughout the licensed period as required by the MGA.
Such audits can be beneficial to licensees by:
- Reducing legal risks and avoiding future costs
- Building trust with your customer base
- Helping to identify deficiencies
- Engaging with your employees
BDO is an approved Audit Service Provider and is able to conduct both system and compliance audits when they are requested by the Authority. We are also able to carry out mock audits in order to help licensed operators to be prepared for such reviews.