External Compliance and Risk Management Audits

Gold Seal is a leading provider of compliance and risk management audits for general insurance brokers and underwriting agencies.

Gold Seal’s audit capability is unique due to our:
 
  • In-depth understanding of your business 
  • Specialist knowledge of the law and compliance practice affecting financial services intermediaries 
  • First hand experience of ASIC’s approach to regulation

 

Why do I need an Audit?

AFS licensees are expected to undertake regular external audit reviews of their compliance and risk management programme to evaluate its appropriateness for the business and to prevent compliance and business failures.

 

What does an Audit involve?

Process

The audit examines all aspects of the business operations and financial services activity. It involves a site review which includes: 

  • Management briefing on the organisation and infrastructure 
  • Review of office procedures, compliance measures and corporate governance 
  • Individual staff and file review for all financial services and administration staff (if required)

 

Report

A comprehensive report is provided within 21 days after the site review:

  • Records the auditor's observations 
  • Makes suggestions for remedying areas of non-compliance and opportunities for improvement 
  • Scores and measures compliance and effectiveness using a weighted scoring system 

 

Purpose

The purpose is to: 

  • Measure adherence to your business processes and the regulatory requirements 
  • Identify potential compliance and risk management issues or breaches 
  • Measure progress against your internal benchmarks and applicable Australian Standards for compliance and risk management 
  • Identify opportunities for improvement 

 

What are the benefits?

Regular audits focusing on risk management, professional practice and compliance will assist you to continually improve, upgrade your business and to measure your progress!

Gold Seal's minimum standards infrastructure audit methodology will assist in ensuring your business has appropriate compliance measures. Our reports will help to diagnose any areas of improvement and provide you with a prioritised action plan. 

 

What will it cost?

We charge a daily rate or all audit work. The overall cost depends on the size and complexity of your business. We charge any travel and accommodation at cost.

 

How do I arrange an Audit? 

To discuss how we can assist or for a copy of our Audit questionnaire, call us on + 613 9510 5100 or email lorrainec@goldseal.com.au