Broker Compliance File Audit Procedure

Inspection template for reviewing broker client files for consumer credit, best interests duty, privacy, and recordkeeping compliance, including audit queries and remediation tracking.

Audit Scope and File Identification

• Client file identifier matches audit scope
• Audit period and review date documented
• File contains all records expected for the review period
• High-risk account or transaction flags identified
• Inspector notes on file scope limitations

Consumer Credit Disclosures and Suitability Evidence

• Required consumer credit disclosures present and signed or acknowledged
• Credit terms, fees, and material conditions documented consistently
• Evidence supports the product or service recommendation
• Exceptions or deviations from standard credit process documented
• Supporting calculations or affordability notes retained

Best Interests Duty and Advice Documentation

• Client needs assessment completed
• Recommendation rationale documented and linked to client objectives
• Alternative products or options considered where required
• Conflict of interest disclosures present where applicable
• Client consent or acknowledgement retained

Privacy, Confidentiality, and Access Controls

• Sensitive personal information is stored in approved locations only
• Access to the file is limited to authorized personnel
• Redaction or masking applied where required
• Privacy notices or consent records retained when applicable
• No unauthorized personal data appears in shared or exported copies

Recordkeeping, Audit Trail, and Retention

• Documents are dated, versioned, and legible
• Audit trail shows who created, reviewed, or amended key records
• Retention period requirement identified and met
• Missing, duplicate, or conflicting records identified

Audit Queries, Deficiencies, and Remediation

• Deficiencies or non-conformances recorded
• Corrective action owner and due date assigned
• Remediation status updated
• Inspector sign-off completed