The Malta Digital Innovation Authority (MDIA) is pleased to announce that it has officially certified Fact Technologies Ltd as its fifth Systems Auditor (SA). The Systems Auditor’s role is to audit the Innovative Technology Arrangement (ITA) that an applicant will be proposing.
The accreditation of SAs serves as a seal of approval which certifies that the service provider(s) 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, since a solid base of Systems Auditors was established, giving prospective applicants the choice of five certified Systems Auditors. The certification of Fact Technologies Ltd 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 CEO of the Malta Digital Innovation Authority Mr Stephen McCarthy commented that:
“The MDIA remains committed to protect and support all users and encourage all types of innovations, while providing assurance and ensuring trust. 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.”