What does the reporting phase of the AML audit typically include?

The reporting phase of the AML audit is critical as it serves to finalize the audit findings and conclusions, effectively communicating the results to relevant stakeholders. This phase usually involves audit wrap-up activities where auditors compile their observations, outline significant findings, and offer recommendations based on the audit work performed.

Additionally, this phase often includes a structured follow-up process on committed action plans, ensuring that the audited organization takes appropriate steps to address any identified issues. By focusing on finalization and follow-up, the reporting phase ensures accountability and reinforces the importance of implementing improvements in the organization’s anti-money laundering (AML) processes.

In contrast, the other phases mentioned—planning and resource allocation, data collection and interviews, and initial stakeholder meetings—occur earlier in the audit process. They lay the groundwork for what will be communicated during the reporting phase. Planning sets objectives and scope, while data collection and interviews gather necessary information. Initial stakeholder meetings help in understanding the context of the audit but do not belong in the reporting phase where the focus is on delivering final results and following up on proposed actions.