Top tips for your upcoming audit

Top tips for your upcoming audit

18 MAY 2022

As you are no doubt aware the supervisors announced early July 2021 that the requirement to have an audit of your risk assessment and AML/CFT programme (conducted by an appropriately qualified and independent individual) was extended from two to three years. Now that we are well into 2022 that three year period is already creeping up for many businesses.

Top tips for your upcoming audit

The supervisors have made it abundantly clear that they expect audits to be completed by the end of the three year period – so it is particularly important that you don’t leave it to the last minute and risk not getting it done in time. With this in mind it is now time to start planning and booking in your audit.

Our team have put together four top tips that we think you should consider before choosing your auditor:

1. Are they independent? 

An auditor should always be independent. Make sure you consider any potential conflicts of interest that may call into question their independence, for example: 

  • Were they involved in the creation of your compliance documentation?
  • Do they have a financial interest in your business?
  • Does a part of their business supply any outsource solutions? 

2. Are they suitably qualified?

Check their experience level when it comes to AML/CFT audits and in particular have they completed audits in your specific sector? Don’t be afraid to ask sector specific questions to find out. If it is obvious that they are not aware of how AML/CFT works within your sector then they may not have the skills necessary to complete your audit. 

3. Will they add value?

Your audit should be all about your specific business and where it sits in the AML/CFT context. Any deficiencies identified should be accompanied with appropriate remediation advice. You are not expected to be experts so look at your audit report as a learning tool and not something to be afraid of. 

4. Consider cost carefully

Cost-effective does not mean cheap, and on the other hand just because an audit seems expensive does not mean it is any better. Do your due diligence (taking into account the previous points) and  remember you do not want to end up with a generic templated audit report that adds no value to your business.

If you have any questions about your audit – regardless of whether you are Strategi client or not – our team is here to help. Get in touch today.