Current Affairs
Auditing needs to adapt to digital age

The Auditor General Charles Deguara and the Maltese member of the European Court of Auditors, Leo Brincat, have agreed that auditing needs to adapt to the digital age, including the use of Blockchain. During a conference organized by the Malta National Verification Office, together with the European Court of Auditors, they said that a digital revolution is not something which will happen in the future, because it is already happening.

During the conference with the theme Public Auditing in the Digital Age, Mr Deguara said that if the auditors do not adapt to this technology they will not remain effective. He added that in this process, his office also needs to work with the European Court of Auditors.

“If we do not update our procedures, our methodologies, and the way we work, we will not be able to give the best service as established in our constitutional mandate.  The audit offices are keeping in contact with the ECA and therefore it is important for us to have collaboration between the National Audit Office and the ECA, so that we can be in a stronger position when we tackle new challenges.”

Leo Brincat said that technology, including blockchain, are among the main motors behind the changes in auditing, even within the European Union.  He said that the public sector should be open to new challenges just like the private sector. He added that if this does not take place, EU member states will fall behind and their efficiency will suffer.

Mr Brincat said that official statistics show that 65% of today’s jobs will no longer exist for the new generation. Mr Brincat said that the European Commissioner for the Digital Economy, Mariya Gabriel, said that in the future public services will all be using blockchain technology. She added that auditing needs to adapt to the digital age because there is the future of the auditing sector at stake, as well as that of auditors themselves.