What is the expected outcome of the audit process?

The expected outcome of the audit process is a comprehensive assessment of the audited entity's compliance with Anti-Money Laundering (AML) regulations and the identification of areas for improvement. This outcome is significant because it ensures that the entity adheres to legal obligations, evaluates its internal controls, and addresses any gaps in compliance. The audit process allows for a thorough examination of policies, procedures, and risks associated with AML regulations.

By identifying areas for improvement, the audit enables the entity to enhance its compliance frameworks, streamline processes, and mitigate potential risks associated with money laundering and financial crime. This proactive approach helps organizations strengthen their overall governance and compliance posture, ultimately leading to more effective risk management and adherence to regulations.

In contrast, the other options do not align with the primary purpose of the audit process, which centers around comprehensive assessment and improvement. Increased paperwork and delays, while potentially a part of the audit logistics, do not reflect the goal of enhancing compliance. A checklist of required documents serves as a tool during the audit rather than an outcome. Lastly, approving the AML framework is a potential result of finding compliance but does not encapsulate the broader and more important outcome of compliance assessment and improvement.