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

Objectives

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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Details

DATE: 6 July

DURATION: 5 Hours

LOCATION: EIMF Premises, Nicosia

TIME: 09:00 – 14:30

FEES: €180 + VAT

Additional Dates and Similar Seminars

Start Date	Course Title	Location	CPD Units	Status
15 Feb	Business Tax Fundamentals	Nicosia		COMPLETED
14 Mar	Client Identification and KYC Process as Part of an Effective Audit Plan	Nicosia	5	COMPLETED
6 July	Client Identification and KYC Process as Part of an Effective Audit Plan	Nicosia	5	UPCOMING
13 July	Audit Quality: Monitoring Results and Preparing for Audit Review	Nicosia		UPCOMING

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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 [email protected]

In-House Training

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

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.

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