The key value of compliance audits is that they identify areas within your compliance framework and operational procedures that do not meet the regulations and/or supervisor’s expectation. An independent compliance audit is a critical component within a financial services firm’s compliance monitoring plan. Our audit reports not only set out problems, but we also provide solutions.
Step 1 – Offsite review
We will review your compliance documentation and publicly available information on your business to understand what you say you will do and how you will do it.
Step 2 – Onsite review
We will examine your key systems, conduct sample testing and interview personnel to establish whether you are meeting your own and the supervisor’s expectations. During the exit meeting, we will provide you with initial feedback so you can add and clarify detail.
Step 3 – Analysis
We will scrutinize the results of the onsite review and prepare a report of the problems identified and our proposed remedial action.
Step 4 – Conclusion
We provide you with a draft report so that you have another opportunity to clarify the details of your systems and controls and to provide your management response. We will present our findings to your senior management, on request, and present you with a final report.