Orange Albert conducts monthly internal audits as part of its ongoing compliance monitoring program. This month’s audit focuses on document verification procedures, following recent updates to internal policy and industry requirements under the AML/CTF Act and the MFAA Code of Practice (2024).
You are assisting the Compliance Manager by reviewing a small sample of files. Two recent client applications and the corresponding broker compliance records have been extracted from the Orange Albert CRM and internal system. Each file reflects typical recordkeeping practices and is representative of real case work.
Task: Complete two compliance audits
You have been provided with two (2) sets of files:
Client application files (including supporting documents):
Client 1: Rodney and Jane Miller (Case ID: 001)Client 2: Samuel and Jayden Williams (Case ID: 002)
Broker compliance records (for the broker responsible for each client file):
For Client 1: Alex Brown
For Client 2: Jamie Lee
You must:
1. Access the client files and relevant broker files.
2. Review the documents provided for both the client and broker.
3. Complete the Compliance Audit Checklist for each broker.
Record whether each item is compliant or non-compliant and add brief notes/evidence to justify your decision.
In the audit summary, outline:
Overall result (Compliant / Non-compliant / Partial)Key findings (major compliance gaps, breaches, or risks)Corrective actions required (how issues should be addressed and by when).
4. Submit both completed Compliance Checklists for assessment.