BDO Malta is currently the only firm licenced to act as both a VFA agent and a Systems Auditor.
The recognition enables BDO to conduct both Type I and Type II System Audits which are based on guidelines and control objectives issued by the MDIA.
System Audits are mandatory for Issuers and Service Providers applying for a licence under the Virtual Financial Assets Act and for Innovative Technology Arrangements (ITA) seeking a voluntary certification under the MDIA certification process.
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 around blockchain activity and Distributed Ledger Technology (DLT).
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, "The MDIA recognition is a significant milestone for BDO as it positions the Firm in a truly unique position, as we are now the only service provider in Malta to have obtained both the MFSA VFA Agent licence as well as the MDIA System Auditor licence. BDO is now officially licenced by all relevant regulators to support Malta's blockchain and virtual financial asset industry into its next stage of growth."
Ivan Spiteri, Head of Technology Advisory at BDO Malta stated, "Our Tech Advisory & Assurance team worked very hard to obtain this very important recognition by the MDIA. We are immensely proud to be amongst Malta's first to be licenced to carry out System Audits. We look forward to being of assistance to fast growing companies in the blockchain and DLT industry who are making Malta their legal, regulatory and operational home."
BDO Malta has built a dedicated team of subject matter experts, bringing together a range of skills to undertake MDIA System Audits.