To give your Board and Risk Committees assurance of compliance we provide fixed price external compliance consultant reviews of compliance programs for compliance with:
- Australian Financial Services Licence (AFSL) and FSR (Financial Services Regulation);
- Australian Credit Licence and National Consumer Credit Protection Act and National Credit Code;
- AML/CTF and Austrac requirements;
- Privacy Act and credit reporting;
- APRA Prudential Standards;
- Codes of Conduct.
We can also act as an independent expert consultant for compliance with Enforceable Undertakings given to ASIC or the ACCC.
When acting in this role we follow the Terms of Reference agreed with the regulator.
Unless agreed otherwise, our compliance reviews are a limited assurance engagement. With a limited assurance engagement, the reviewer’s conclusion is expressed in a negative form (e.g. “nothing has come to our attention that causes us to believe there is any material non-compliance”). A limited assurance engagement is commonly referred to as a review. A limited assurance engagement differs from a reasonable assurance engagement, where the conclusion is expressed in a positive form (e.g. “the organisation has complied in all material respects with the requirements”). A reasonable assurance engagement is commonly referred to as an audit. A reasonable assurance engagement normally requires more extensive evidence gathering than a limited assurance engagement.
The methodology we normally use in our reviews consists of:
(a) reviewing the written Compliance Program and other documents relating to its implementation; and
(b) interviewing the Responsible Managers and/or Compliance Officers; and
(c) reviewing the relevant procedures, records and systems during a site visit. If our appointment requires us to review sample files we agree on the sampling methodology with you.