Information Technology Audit Considerations When Designing Audit Coverage For AML Applications

Author: Peter D. Wild, CAMS-Audit

This paper is intended to provide a high-level introduction to some of the important considerations that should be kept in mind when designing the Information Technology {IT} audit coverage for the suite of applications that support the Anti-Money Laundering {AML} and Sanctions Screening business processes in a Financial Institution {FI}. It is possible that the AML Auditor may not be familiar with IT Audit techniques and it is also possible that the IT Auditor may not be familiar with AML audit requirements. This paper aims to assist that partnership in the design and maintenance of effective AML audit coverage and offers some suggestions on how the power of software can be harnessed to improve audit depth and efficiency, this is referred to as Automated Auditing.

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