A new opportunity for auditors

AML/CFT Act audits represent a significant opportunity for auditors to expand their assurance services, with many more entities now requiring audit.

Our AML/CFT Audit template is based on:

• SAE 3100 (Revised), Compliance Engagements,
• ISAE (NZ) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, and
• SAE 3150, Assurance Engagements on Controls.
• The CAANZ guidelines to assist with preparing our template and used the model Engagement Letter, Representation Letter, and Assurance Report from the Appendices.

We have now released an updated (2020) version of the “limited assurance” engagement, incorporating revisions based on suggestions and feedback from the first versions and we will continue to refine and improve based on user feedback.

In addition we also have new (2020) versions adapted for AML audit professionals who are not chartered accountants, leaving out the referencing to the standards, and with suitably updated audit reports and engagement letters.

See article on our support hub Anti-Money Laundering and Countering Financing of Terrorism Audits for more details.