Broker file audit checklist
Checklist template
Check this template against your local regulations and your own policies before you use it.
- Business
- Location
- Date
Monthly file audit
Each month, on a sample of the previous month’s files
| Done | Task | Time | Initials |
|---|---|---|---|
| Choose the sample | |||
| Pick a sample of last month’s settled and declined files, covering every brokerInclude higher-risk files, such as self-employed, investors and refinances. | |||
| Record which files were chosen and who will review them | |||
| Disclosures and consent | |||
| Check the disclosure documents and credit guide were given, and when | |||
| Check the client’s privacy and credit check consents are signed | |||
| Identification | |||
| Check every borrower and guarantor was identified, with the method and date recorded | |||
| Needs and objectives | |||
| Check the fact find is complete and signed | |||
| Check the client’s needs and objectives are recorded in their own words | |||
| Verification | |||
| Check income, expenses and debts are verified with documents on file | |||
| Check differences between declared and actual expenses are explained | |||
| Product selection and suitability | |||
| Check the products compared and the reasons for the recommendation are recorded | |||
| Check the recommendation matches the client’s needs and objectives | |||
| Check commissions and fees were disclosed in writing | |||
| Application and settlement | |||
| Check the application matches the verified documents | |||
| Check approval conditions were met and settlement recorded | |||
| Findings and follow-up | |||
| Record each finding by file and broker, rated by risk | |||
| Agree a fix for each gap with the broker, and a date | |||
| Report any serious breach to the licensee or compliance manager | |||
| Report the month’s results and trends at the team meeting | |||
- Completed by
- Checked by (manager)
- Date
- Notes
