During which phase of an AML audit is the audit date agreed upon?

During which phase of an AML audit is the audit date agreed upon?

• A. Fieldwork phase
• B. Planning phase
• C. Reporting phase
• D. Remedial action planning phase

Answer: (B)

The correct answer is the planning phase, during which audit objectives are defined, and practical arrangements for the audit are established. This phase includes discussions among the audit team and relevant stakeholders to finalize the scope, methodology, and schedule, including determining the audit date. Establishing a date ensures that all parties involved are prepared and available, which is vital for a smooth audit process. In contrast, the fieldwork phase focuses on executing the audit plan, collecting evidence, and evaluating the effectiveness of the AML compliance program. The reporting phase involves analyzing findings and drafting the audit report, serving as the culmination of the audit activities rather than the scheduling. The remedial action planning phase typically follows the reporting phase, where actions are discussed to address any findings or recommendations made in the report, but it does not involve initial date-setting for the audit itself.

The correct answer is the planning phase, during which audit objectives are defined, and practical arrangements for the audit are established. This phase includes discussions among the audit team and relevant stakeholders to finalize the scope, methodology, and schedule, including determining the audit date. Establishing a date ensures that all parties involved are prepared and available, which is vital for a smooth audit process.

In contrast, the fieldwork phase focuses on executing the audit plan, collecting evidence, and evaluating the effectiveness of the AML compliance program. The reporting phase involves analyzing findings and drafting the audit report, serving as the culmination of the audit activities rather than the scheduling. The remedial action planning phase typically follows the reporting phase, where actions are discussed to address any findings or recommendations made in the report, but it does not involve initial date-setting for the audit itself.