What is the main focus of the fieldwork phase in an AML audit?

The main focus of the fieldwork phase in an AML audit is testing key AML compliance controls. This phase is essential because it involves the auditor assessing the effectiveness of the organization's anti-money laundering strategies and controls that have been put in place to mitigate risks. During fieldwork, auditors gather evidence to determine whether processes are functioning as intended and whether compliance with regulatory requirements is being upheld.

Testing involves examining transaction records, reviewing policies and procedures, and observing how controls are applied in practice. This step is crucial to identifying any gaps or weaknesses in the AML framework that could expose the organization to potential risks or regulatory scrutiny.

While the other options contribute to the overall audit process, they do not capture the central activity that defines the fieldwork phase. Preparing audit documentation is a supporting task that occurs throughout the audit process, while conducting interviews with management is part of gathering information but does not encompass the hands-on testing of the controls. Finalizing the audit report occurs after the fieldwork phase, when all findings are synthesized and documented.