What must be agreed upon before commencing fieldwork in an AML audit?

Before commencing fieldwork in an Anti-Money Laundering (AML) audit, establishing the timeline for audit completion is critical. This timeline sets clear expectations for all stakeholders involved and helps ensure that the audit process remains on track. It allows for proper planning of resources, coordination among team members, and timely completion of audit tasks. A well-defined timeline helps auditors prioritize objectives and manage any potential delays that may arise during the auditing process.

While other elements like budget, team structure, and communication strategy are important aspects of the audit planning process, they are secondary to establishing a clear and agreed-upon timeline. Without a firm timeline, there is a risk of miscommunication and inefficiency, which could adversely affect the overall audit quality and adherence to regulatory expectations. Thus, setting the timeline is essential for effective management and execution of the audit.