Act now on audit findings

Act now on audit findings

16 JUN 2021

AML supervisors recently advised us they expect reporting entities to take prompt action to remediate audit findings. Audits are a regulatory requirement aimed at identifying issues so reporting entities can improve their processes and comply with the law.

Act now on audit findings

As part of this, auditors are expected to make what needs to be done, very clear to reporting entities.

As a result, from 1 July Strategi Compliance will be adding two new actions to its audit process.

  • An additional appendix will be added to the audit report. This will contain a recommended action plan summarising all the areas where improvement is recommended, who is responsible and the required completion date. Strategi recommends all remediation should be completed within three months of the audit date.
  • Three months after the audit a follow up email will be sent, asking for a completed copy of your action plan. This will be reviewed, filed and considered as part of the ongoing audit assessment of the reporting entity.