What's the expected cost of the mandatory three-year external audit?
Expected to be around $2,000 - 4,000 + GST for a small Tranche 2 firm
The cost varies by audit firm and the complexity of your business, but easyAML's internal estimate based on early conversations is approximately $2,000-$4,000 + GST for a typical Tranche 2 firm - significantly below the $5,000–$15,000 some third-party quotes have suggested.
Why the cost should be reasonable for easyAML customers:
- Read-only auditor access is included in every subscription tier at no extra fee. The auditor logs in and inspects your Risk Assessment, AML Program, training records, CDD history and reports directly - no time spent gathering documents.
- 7-year evidence retention is automatic on AWS Sydney. The auditor sees the complete history without you preparing extracts.
- Auto-generated documentation (Program, audit logs, Annual Reports) is consistent and machine-readable, which reduces auditor preparation time.
- Auditor referrals are available on request if you don't have an external auditor engaged.
Timing. Under AUSTRAC's transitional rules, the first independent evaluation for newly regulated Tranche 2 businesses is due no earlier than 1 July 2029 - three years after commencement. Deadlines are staggered at 6-month intervals based on your AUSTRAC account number, so some firms will have their first evaluation as late as 2030 or 2031.
See AUSTRAC's AML/CTF transitional rules update.