Client Identification and KYC Process as Part of an Effective Audit Plan

Client Identification and KYC Process as Part of an Effective Audit Plan



The objective of the seminar is to emphasise on the importance of performing adequate KYC procedures on your audit clients in line with the stringent Anti‐Money Laundering requirements currently in force. The seminar will cover the key requirements of the ML regulations in terms of client identification and due diligence and will demonstrate the link between your client acceptance process, Know‐Your‐Client procedures and your audit planning phase.

Seminar Content

The link between Anti‐Money Laundering requirements and your audit procedures


  • What you need to know in your role as client auditors
  • What you need to do in practical terms
  • Know‐Your‐Client procedures; an integral part of your Client Acceptance process
  • The basic client identification requirements
  • Emphasis on the Risk‐Based approach; what are the requirements?
  • Further insight into the risk evaluation process (the risk matrix implementation) and its benefits
  • Timing of Client identification and due diligence procedures


Impact of assessed Money‐Laundering / Terrorist Financing risk on your client due diligence procedures


  • Simplified due diligence procedures
  • Enhanced due diligence procedures


Reliance on third parties


Auditors frequently place reliance on information and documentation coming from the client’s lawyers or other professional intermediaries. We will cover key considerations necessary in order to comply with the legislation in such cases


Ongoing monitoring


What does this require from a practical perspective and how does this link with your client continuance process and with your audit tests?


Considering the impact of Money Laundering risk score on your Audit Risk and as part of your risk assessment process

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DATE: 14 March



LOCATION: EIMF Premises, Nicosia

TIME: 09:00 – 14:30

FEES: €180 + VAT


Who should attend

This course is mainly targeted on service providers dealing with international clients, auditors, accountants.

If you need help completing the online registration form, please give us a call at 2227 4470 or email us at 

In-House Training

If you need help completing the online registration form, please give us a call at 2227 4470 or email us at 

Instructor: Bobbi Koufari (BSc, ACA, ACAMS)

Bobbi is a qualified Chartered Accountant (ACA), member of the Institute of ICAEW and ICPAC. She also holds a BSc in Management Sciences from the University of Manchester Institute of Science and Technology (UMIST). Bobbi was employed in the Audit Department of a Big Four firm in Cyprus for 10 years, and during this period she obtained extensive experience on auditing clients from different backgrounds and business sectors. Her portfolio of clients included firms operating in the Shipping Industry, Holding and International Investment Entities. Bobbi participated as an instructor for various internal training programs focusing on the audit methodology. Since 2015, she has been delivering ACA and ACCA modules on Accounting, Assurance and Audit & Assurance for the School of Professional Studies of Cyprus College. She continues her work as a lecturer and in addition she is engaged in professional consultation to audit firms on audit related matters, focusing on compliance with ISA requirements and improvement of audit quality. Further to obtaining her CAMS certification in 2016 she has become a member of ACAMS and has specialized on Compliance and Money‐laundering related matters offering Compliance consultation to audit firms and service providers focused on compliance with local Money Laundering Regulations.