External Risk Management and Compliance Audits
Gold Seal is a leading provider of compliance, risk management and coverholder audits for Australian financial services intermediaries and Lloyd's syndicates.
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.
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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.
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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
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
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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.
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What will it cost? |
We charge a daily 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.
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How do I arrange an Audit? |
To discuss your requirements or to obtain a quotation for an External Compliance & Risk Management Audit, call Valerie Baker or email valerieb@goldseal.com.au.
Can you afford to take a risk with YOUR financial services licence?
