Malta Digital Innovation Authority certifies fifth systems auditor for innovative technologies

Systems Auditors accrediation serves as seal of approval that a service providers has capability of handling audits for innovation technologies, such as blockchain

System Auditors audit innovative technologies, such as those using blockchain
System Auditors audit innovative technologies, such as those using blockchain

The Malta Digital Innovation Authority (MDIA) has certified Fact Technologies Ltd as its fifth Systems Auditor (SA).

The SA’s role is to audit the innovative technologies, such as those related to blockchain.

The accreditation of SAs serves as a seal of approval that certifies that the service provider in question possesses the necessary technical skills, aptitude, capability and experience to handle systems audits related to Innovative Technology Arrangements (ITAs).

The audit conducted by the SA must follow the ISAE 3000 standard, which is the standard for assurance over non-financial information, and consists of guidelines for ethical behaviour, quality management and performance.

In line with the ITAS Act, the System Auditor shall nominate Subject Matter Experts to assist in specific technical fields during the System Audit. MDIA expects the Systems Auditor to have a complement of at least two Subject Matter Experts and must be recognised by the Authority as part of the Systems Auditor registration process.

This further complements MDIA’s work in terms of ITAs certification, as a solid base of Systems Auditors was established, giving prospective applicants the choice of five certified Systems Auditors. The certification of Fact Technologies follows that of PricewaterhouseCoopers, KPMG, BDO Technology Advisory Limited and STIS Group Ltd.

For the benefit of independent verification on each Systems Auditor’s certificate, any user can verify authenticity by matching the designated file signature (SHA512) which is also available on MDIA’s website for each awarded certificate.

Furthermore, each certificate is timestamped on the public bitcoin blockchain for proof of authenticity and proof of existence in time. An OTS file is also provided for independent certificate verification using the OpenTimeStamp Protocol.

“The MDIA remains committed to protect and support all users and encourage all types of innovations, while providing assurance and ensuring trust,” MDIA CEO Stephen McCarthy said.

“The rigorous certification process is one which is cryptographically verifiable and complements further the MDIA’s work in terms of promoting transparency and auditability. We are pleased that Fact Technologies Ltd has been certified as an MDIA Systems Auditor, thus supporting our efforts to ensure standards are met and consumers are protected whilst safeguarding Malta’s reputation in the use of ITAs,” he said.

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