The AML/CFT Act imposes certain obligations on reporting entities in relation to audits and assurance. At a high level, reporting entities are required to develop and implement an assurance programme to assess the adequacy of the procedures and controls set out in their compliance programme, and whether those procedures and controls have been effectively implemented into their business.
Reporting entities are also required to arrange for an independent and qualified auditor to conduct an audit of their risk assessment and compliance programme every two years. The purpose of these obligations is to ensure that the risk assessment and programme satisfies the requirements of the AMT/CFT Act and remain current.
This session will look at the importance of an effective internal assurance programme. It also will address external auditing requirements including, choosing an auditor, preparing for an audit, what to expect, reviewing your audit and developing a remediation plan to address any issues identified by the audit.
- Understand the assurance and auditing requirements under the AML/CFT Act, and the expectations of supervisors, auditors and senior management in relation to audits.
- Learn how internal and external assurance testing can improve your AML/CFT framework.
- Learn how to develop and implement an effective internal assurance programme.
- Learn how to report findings from assurance testing to senior management in a meaningful way, and how to remediate the findings from assurance testing.
- Understand the role of your external auditor, what you can expect during and after the audit and how an independent audit can be used positively in your business.
- Develop an understanding of when and how to push back if you disagree with the findings from the audit.
Who should attend?
Given the scope of the legislation, this seminar will be relevant to almost all lawyers in practice but it will be of particular importance to senior partners and practice managers who will be responsible for the appointment of Compliance Officers.
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Barrister and Solicitor
Fiona Hall is a barrister and solicitor specialising in AML/CFT, consumer credit and privacy law. After her admission to the bar in 1987, Fiona initially practised general commercial litigation and banking law at large law firms in both Auckland and London, before moving in-house. Her in-house counsel roles covered a number of credit and credit related businesses as well as for a government regulator.
Fiona has acted as the head of compliance and both privacy and AML officer in conjunction with her legal roles. She has developed and implemented a number of AML/CFT programmes and has been a presenter at many AML/CFT conferences and fora.
As a member of the ADLS subcommittee on AML/CFT, Fiona has played an integral part in engaging with the legislators and regulators to ensure the particular challenges facing the profession are heard and understood. She is currently advising and assisting a number of law firms, big and small, to implement their AML programmes, while continuing to advise existing reporting entities as the law evolves.
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