FAQs for Compliance Audit and Review Services
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 is the purpose of a Compliance Audit and Review?
The purpose is to:
- Measure adherence to your business processes and regulatory requirements for example by your authorised representatives, representatives, distributors etc.
- 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 business improvement?
What does an Audit involve?
A full audit considers all aspects of your business operations and financial services activity. It involves us carrying out work on-site at your premises. This sounds worse than it is in practice because our auditors are helpful and on the lookout for how they can add value to your operation. They have all worked as brokers or underwriters, so they can be relied on to be "one of the team" in your workplace.
Here’s an example of what they may look for:
- Information on the organisation and infrastructure (like an org chart)
- Information about some of your office procedures, compliance measures and corporate governance?
- Training plans
How will Gold Seal report its findings to the business?
You will receive a comprehensive report within 21 days of the site review. In it you will find:
- The auditor's observations?
- Suggestions for remedying areas of non-compliance and opportunities for improvement?
- Scores and measures for compliance and effectiveness using a weighted scoring system?
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.?
Applied for a period of time and incorporated into your business practices, Gold Seal’s services can provide your business with an infrastructure to move forward into business growth.
What happens if we fail an audit?
You can’t "fail" a Gold Seal audit. You can only receive constructive guidance in how to remedy your procedures in case you may be off-track.
There’s no fear of failure. Only better ways to do things.
Does Gold Seal ever report to the regulator?
We only work for you and the wellbeing of your business. In the event that our services reveal any reportable matters, we will work with you to self-report.
How will you charge me?
We charge a daily or hourly rate for all audit work. The overall cost depends on the size and complexity of your business. We charge any travel and accommodation at cost. We don’t charge for admin, photocopying, or phone calls. There will be no hidden costs.
How do I arrange an Audit?
To discuss how we can assist call us on + 613 9510 5100 or email email@example.com