The body in 2018 introduced a process whereby service providers interested in performing relevant auditing work are required to apply for their suitability to be assessed and approved. An “effective process”, it provided the MGA with the mechanism to approve independent Service Providers, as well as remove or suspend unsatisfactory providers.

The MGA has since reviewed the requirements applicable to audit services to ensure they are up to date, and is now issuing a consultation paper to communicate and refine its proposal in relation to revised guidelines.

The consultation will run until 11 November 2021, and seeks industry feedback in relation to “the amendments introduced in the Guidelines,” 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 Authorisations and Compliance Directive.”

The MGA plans to then publish its final version of the guidelines and any other supporting documents by the end of 2021.

“In view of the Authority’s commitment to an open and transparent decision-making process, the MGA is issuing this consultation paper to communicate and refine its proposal in relation to revised Guidelines and promote a greater understanding of the proposal itself,” a statement from the regulatory body read.