Which aspects should be defined during the planning phase of an AML audit?

During the planning phase of an AML audit, it is essential to define a comprehensive framework that includes structure, roles and responsibilities, key decision-makers, and processes. This holistic approach ensures that all stakeholders are clear about their functions and contributions to the audit, facilitating effective communication and collaboration throughout the audit process.

Defining the structure and roles helps in aligning the audit team's efforts and ensures that responsibilities are appropriately assigned, which is crucial for accountability and efficiency. Identifying key decision-makers is also vital, as these individuals can provide necessary approvals and direction, which makes the audit process smoother and more focused. Additionally, establishing processes enables the audit to follow a systematic approach, ensuring that all necessary steps are taken to assess the effectiveness of the AML measures in place.

In contrast, focusing solely on budgets, timelines, the compliance framework, or past audit history misses the critical aspect of roles, accountability, and procedures that underpin the audit's success. While these other elements can support the audit, they do not encompass the foundational aspects required for effective planning and execution of an AML audit.