Which factor could impact the agreed timeline for an AML audit?

The expansion of the audit scope is a critical factor that can significantly impact the agreed timeline for an AML audit. When auditors determine that the scope of the audit needs to be broadened, it often requires additional steps such as reviewing more documents, interviewing additional personnel, or assessing more complex transactions than originally planned. This unanticipated workload invariably extends the timeline, as the auditors must ensure that each area within the expanded scope is thoroughly analyzed to ensure compliance and effectiveness in the AML program.

For instance, if the original audit was intended to assess compliance with basic AML legislation but then expands to include an evaluation of international transactions or other regulatory requirements, the audit team must allocate time to understand the implications of these additional factors. This re-evaluation of resources and time commitment can lead to a delay in the completion of the audit and, consequently, the delivery of findings and recommendations.

While other factors such as the team experience level, availability of technology, and scheduling stakeholder meetings can also influence an audit's timeline, none have as direct and immediate an impact on the timeline as an alteration in the audit's scope. This is because a change in scope often necessitates a reassessment of the audit plan, resource allocation, and timelines, whereas the other factors may cause minor adjustments