Committee Events

Forthcoming Reporting Obligations Required by the MGA During a webinar held on 1st June 2022, representatives of the MIA Gaming Committee and the Malta Gaming Authority (MGA) addressed matters related to two Technical Releases issued in November 2021 by the Malta Institute of Accountants in collaboration with the Malta Gaming Authority. The focus of the webinar were the agreed-upon procedures (AUPs) introduced to further ensure that licensed entities operate in accordance with the applicable financial obligations mandated by law and the relevant licence conditions, with a specific focus on ensuring a compliance culture amongst licensees. In fact, Mr Adrian Muscat and Ms Katrina Pace Bonici Mompalao from the MGA, highlighted matters related to the scope of these AUPs, their applicability, submission due dates and method of submission. Mr Giles Schembri and Mr Ian Curmi, representing the MIA, provided an overview of the MIA Technical Releases Audit 02/21 related to Gaming Tax Payable and Levy on Gaming Devices, and Player Funds and Jackpot Funds, while also applying ISRS 4400 (Revised) thereto. This webinar also provided participants with the opportunity to clarify related matters. ISQM 1: What Lies Ahead? A Proactive Quality Standard to Strengthen the Profession On 22nd June 2022, representatives from the MIA Audit and Assurance Committee and the MIA SMP Group organised a webinar that included the participation of the Accountancy Board’s Quality Assurance Unit within the Ministry for Finance and Employment. The webinar started with a presentation by Mr Renzo Farrugia. During this presentation, Mr Farrugia went through the major changes being introduced by ISQM 1 when compared to the current ISQC 1, covering also a number of actions to be taken to address these changes and practical tips. Mr Farrugia was subsequently joined by Mr Paul Giglio, Ms Janis Hyzler and Ms Karen Sultana for a panel discussion moderated by the Chairperson of the MIA Audit and Assurance Committee, Ms Lucienne Pace Ross. Participants had the opportunity to learn from the experiences shared by the speakers and understand better certain requirements including with respect to the risk assessment process, documentation and reviews, amongst other matters.

SMP Networking Event On 28th July 2022, a number of Sole, Small and Medium Practitioners attended a networking event organised by the Institute. In addition to catchingup, those present had the opportunity to discuss matters of mutual concern and come forward with related recommendations.