What is necessary to retain when issuing questionnaires to respondents in an AML audit?

When issuing questionnaires to respondents in an AML audit, it is essential to retain the responses along with the date issued and completed. This practice ensures that there is a clear and verifiable record of the feedback received, which can be pivotal in audit processes. The inclusion of completion dates adds another layer of accountability, helping to track the timeline of the audit and the engagement of the respondents.

In an AML audit context, having documented responses is crucial for analyzing trends, assessing risks, and demonstrating compliance with regulatory requirements. It allows for a thorough examination of the data gathered, which can be referenced in later stages of the audit or for any necessary follow-up actions. This record-keeping practice supports the integrity of the audit process and can be critical if the findings need to be validated or challenged at any point.

Keeping only the completed questionnaires or just a summary of the responses may lead to a loss of valuable contextual information that could aid in understanding the responses in detail. Without the dates, there is also a risk of introducing confusion or misrepresenting the timing of responses, which can impact the audit's conclusions.