Audit Checklist For Brokers 01102021

AUDIT CHECKLIST FOR BROKERS
BROKER DETAILS
COMPANY NAME
BROKER NAME LOAN TYPE
LOAN DETAILS
CLIENT ONE
CLIENT TWO
Please indicate YES OR NO as to whether the document below is attached (if not applicable please write not
applicable in the comments box)
PLEASE NOTE - THE ENTIRE LOAN FILE should be uploaded to ioutsource for review NOT just the documents on
the checklist below. This means including client emails, notes and all documents.
COMPLIANCE DOCUMENTS YES NO COMMENTS
COMPLIANCE DOCUMENTS COMPLETED IN IOUTSOURCE

Is there a completed Credit Guide and Privacy Consent Statement signed
by the clients on file?
Is there a completed Client Profile and Recommendation (CPR) on file?
Is the Client Profile and Recommendation signed by the broker and the
customer?
Is the date on the CPR no older than 90 days?
Is there a 3-lender product comparison showing in the CRP? If not, are

there notes as to why not?
Is the product chosen on the completed and signed Client Profile and
Recommendation consistent with one of the Lenders on the product
provided in the comparison section?
Are all the fee sections completed on the CPR completed? If they are not
complete, comment on what is missing.
Have you ticked Yes to Confirm the applicant(s) meet the Target Market
Determination?
MANUAL COMPLIANCE DOCUMENTS
Is there a completed Credit Guide and Privacy Consent Statement

signed by the clients on file?
Is there a fully completed Client Profile? Are all sections of the form
completed?
Is the date on the Client Profile no older than 90 days?
Is there a product comparison report showing a minimum of 3 loan
providers held on file? (If not, is there a diary note explaining why not or
why there is less than 3 Lenders)
Is there a fully completed Preliminary Assessment? Has it been signed
and dated by the broker & the clients?
Is there a fully completed Credit Proposal/Recommendation? Has it

been signed by the broker and the clients?
Is the product chosen on the completed and signed Credit

Proposal/Recommendation consistent with one of the Lenders on the
product comparison report?
Are all the fee sections completed on the Credit Proposal/
Recommendation?
Have you ticked Yes to Confirm the applicant(s) meet the Target
Market Determination?
ALL FILES
Have you sufficiently identify and verify the client’s identity in line with
your AML / CTF obligations? Is there a copy of the ID with the statement
this is a true copy of the original which I have sighted and is it signed
and dated?
Is there a fully signed and completed Employment Verification form on
file confirming the client’s employment / income has been verified by
calling the employer?
Is there a Medicare card on file for all applicants?
For PAYG and Self-Employed clients Is there a screen shot

evidencing the ABN Lookup of the employer/company?
For PAYG and Self-Employed clients Is there a screen shot

evidencing the Google search of the employer/company?
For PAYG clients are there 3 months bank statements showing

salary being deposited into their account as per the dates on the
payslips?
For Self Employed clients is there a screen shot evidencing the
Banned and Disqualified Search of the accountant?
For Self Employed clients are all the questions adequately answered
on the Employment Verification Form in relation to tax returns?
Is the loan serviceability calculator on file & is it for the same value as
the loan requested?
Is there a signed Lender application and Lender Checklist & are they
consistent with the information in the CPR?
For PAYG Applicants are there two consecutive payslips less than 30
days old?
If the client is self-employed, is there evidence of the last two years
personal, company and financial accounts, assessments and returns
on file?
Was the borrower’s tax file number removed / blacked out on all
documentation?
If the borrower is applying for a Low Doc Loan, is their sufficient
enquiry/evidence which is consistent with the disclosure contained in
the CNA e.g., Accountants Letter, BAS Statement, Self-Declaration
etc?
If the client is purchasing a property, is there a Contract of Sale on
file? (Note in some states this is required to be signed and not in
others.)
If the client is purchasing a property is there 3-6 months evidence of
Bank Statements showing savings history, held on file? (Is rental
evidence in the statements – only to those lenders it is applicable to)
If the client is refinancing an existing loan are copies of the last 6
months loan statements held on file (note some lenders only require
3 months)
If the loan is for construction, is there a copy of the fixed price
contract and plans on file?
If the client has an existing rental property, is there evidence of the rental
income they receive, on file.
If the client is purchasing a rental property is there a rental letter from a
real estate agent on file?
Are there file notes provided in ioutsource and if not, is there a file notes
template uploaded detailing in chronological order, the sequence of events
& enquiries made with both client & financier?
Are there loan summary submission notes on file that explain to the Lender
what the client requires and that outline their situation?
If this loan was a non-face to face interview are there adequate diary notes
to show that you have met the lender requirements and followed the non
face to face interview policy? Are certified supporting documents on file?
If the loan application was completed by a Power of Attorney, was that
individual also sufficiently identified & verified in line with their AML/CTF
obligations?
If there is a guarantor on the loan, are there file notes verifying the broker
met with the guarantor separately to meet their vulnerable persons
requirements?
If a First Home Owners Grant application was required, is a copy held on
file? (If applicable)
Did the client take a packaged loan e.g. with credit card? If so, have you
provided justification of this type of product?
Has the loan been referred to you? If yes, has the referrer section of the
CPR been completed correctly and is there a commission disclosed?
If the purpose of the loan is to refinance is the Risk/Benefit Statement
evident in the Recommendation / credit proposal section of the CPR?
If the loan includes an Interest only component, has the Interest only
section of the CPR been completed?
If the loan includes an Interest only component, is the Risk/Benefit
Statement evident on the credit proposal?
On the audit checklist for writers has the broker indicated that the loan is a
product switch? If yes, have you provided all of the correct compliance
documents?
BROKER NAME
SIGNATURE
DATE

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AUDIT CHECKLIST FOR BROKERS

BROKER NAME LOAN TYPE

COMPLIANCE DOCUMENTS YES NO COMMENTS

COMPLIANCE DOCUMENTS COMPLETED IN IOUTSOURCE

Is there a 3-lender product comparison showing in the CRP? If not, are

Is there a completed Credit Guide and Privacy Consent Statement

Is there a fully completed Credit Proposal/Recommendation? Has it

Is the product chosen on the completed and signed Credit

Is there a Medicare card on file for all applicants?

For PAYG and Self-Employed clients Is there a screen shot

For PAYG and Self-Employed clients Is there a screen shot

For PAYG clients are there 3 months bank statements showing

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