What activities are conducted during the planning phase of an AML audit?

During the planning phase of an AML audit, one of the primary activities is to request the audit and agree on key details. This step is crucial as it lays the groundwork for the entire audit process. It typically involves discussions about the scope of the audit, the timeline, the resources required, and the specific compliance issues that will be examined. This initial agreement ensures that both the auditors and the organization being audited have aligned expectations and understand the objectives of the audit.

This foundational activity sets the tone for the audit, allowing for a structured approach as the audit progresses into more detailed phases such as fieldwork, testing, and reporting. Establishing clear communication and expectations in this phase is vital for the effectiveness and efficiency of the audit process.