MGA updated the Approved Audit Service Provider Policy
The MGA had issued the Approved Audit Service Provider Policy. Click here to download the updated Policy
Whilst the new policy presents some revised procedural and compliance-related amendments, its principal change is the introduction of other audit-related engagements within its scope. Whereas the previous policy issued in 2018 was limited to the approval of audit firms performing system and compliance audits, the revised policy now also extends to the following audit-related engagements:
- System Reviews
- Statutory Audits
- Agreed Upon Procedures
In this regard, the MGA had notified all auditors and licensees that:
- The revised policy shall enter into force with immediate effect, therefore any renewal applications yet to be submitted shall be in conformity with the new Policy
- Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform System Reviews, hence they will not be required to obtain additional approval
- Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform Statutory Audits and Agreed Upon Procedures provided that the respective firm is recognised as an audit firm by the Accountancy Board
- The requirement for audit firms to be approved prior to performing Statutory Audits and/or Agreed Upon Procedures shall be applicable for financial years ending December 2022 onwards
- Audit firms which are not currently on the MGA’s approved list and intend to perform Statutory Audits and/or Agreed Upon Procedures, for financial years ending December 2022 onwards shall be required to submit an application by not later than 31 January 2023
- Audit firms which have already entered into letters of engagement for the performance of Statutory Audits and/or Agreed Upon Procedures for financial years ending December 2022 onwards may proceed with such engagements
- Licensees shall ensure that new audit-related engagements falling within the scope of this Policy are only entered into with auditors approved by the MGA
Resource: MGA Issues Revised Approved Audit Service Provider Policy
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