Sophie Yu Wang

Regulatory & Compliance Audit Experience - Solicitor Trust Account Audits

• Independently and successfully performed trust account audits across multiple legal firms with full regulatory compliance (completed each audit within a week)
• Verified legitimacy and completeness of client fund transactions, reviewed reconciliations and supporting evidence for fund movements and identified potential misappropriation risk indicators and documentation inconsistencies.
• Proven ability to interpret solicitor trust account regulations and apply regulatory requirement in practice
• Strong professional judgment and ability to escalate potential risk issues appropriately
• High level of integrity and commitment to regulatory compliance and financial crime prevention
• Prepared detailed audit reports outlining compliance findings, control deficiencies, and risk exposures

Regulatory & Compliance Audit Experience - Australian Financial Services Licence (AFSL) Audit

• Strong experience in compliance and risk management within AFSL-regulated environments
• Advanced analytical skills developed through transaction testing and financial risk assessment
• Assessed compliance with financial services regulatory obligations, evaluated governance and compliance control frameworks, and tested operational controls to mitigate regulatory breaches during AFSL compliance audits.
• Prepared FS70 and FS71 reports for ASIC submission, ensuring accruracy and timelines in line with the Corporation Act 2001 and professional auditing standards.

Financial Statement Audit

• Performed risk-based external audits by analysing client business processes, assessing internal control effectiveness, and ensuring compliance with financial reporting standards.
• Performed full audit planning including business risk assessment, fraud risk consideration, and materiality setting, analysed financial and operational data to identify high-risk transaction areas requiring enhanced testing and designed targeted audit procedures aligned to risk-based methodology.
• Identified, assessed and mitigated fraud risks associated with revenue recognition and management override of controls.
• Performed substantive testing, including high-volume transaction testing, journal entry review, and analytical review of revenue and expense patterns; verified balance sheet reconciliations and assessed supporting documentation to identify inconsistent transaction patterns and potential misconduct indicators.
• Drafted audit reports and management letters that highlighted control gaps and compliance risks.