The Department of Internal Affairs has told reporting entities it supervises, including accounting practices, law firms, conveyancers, real estate agents and some trust and company service providers, they must act in good faith.
Designated non-financial businesses or professions (DNFBPs) have their first independent audit due in 2020, with the deadline for accounting practices being 30 September 2020.
Reporting entities unable to complete their first independent audit within the deadline should be able to explain how COVID-19 affected their ability to complete their audit and be able to demonstrate steps taken to do so upon lifting of alert levels, the department says.
"The independent audit must be completed as soon as practicable in the circumstances."
The department also noted that some reporting entities, where relevant staff and auditors are working remotely and have access to all required documents, may be unaffected. These entities should complete their audits by the current deadline.
Information on independent audits and auditors
Frequently Asked Questions for DIA Reporting Entities - Section HRead more
‘How to’ guide
Starting to provide AML audits, or you just want to understand more about how your AML audit will be carried out. This guide also includes an illustrative engagement letter, representation letter and assurance report.Read more