How to Choose an Effective and Sufficient Sample for an AML Program Audit

Author: Sam Adam Elnagdy, CAMS-Audit

The stakes are higher than ever for anti-money laundering (AML). And in their duties of independent testing for AML programs, auditors need to use the right techniques and skills to determine the effectiveness of the program.

One of the most important procedures in a successful AML program’s independent audit is the audit sampling approach, which should be designed to provide sufficient and appropriate elements to obtain a test conclusion about the whole population.

Numerous AML audit procedures may not involve sampling as inquiry and observation. However, analytical procedures apply to each item in a population under AML testing. These types of procedures should be well understood to provide the appropriate context for AML audit sampling.

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