If you were unsure of how to apply any regulation, legislation or codes of practice to your role or interaction with a client, explain what you would do. In order to monitor/ audit compliance, I would first seek assistance from management to identify compliance of potential high-risk areas during work starting with their work plans, fraud alerts, reports, and audits. Program managers would then be engaged in determining levels of risk, probability of risk exposure, weaknesses, and damages that may arise from that risk within their operations. After identification of the risks according to the highest priority, program managers then formulate appropriate internal controls, effective policies, and procedures; auditing ensures the monitoring program put in place is followed and checks whether it is operating effectively in reducing errors and risks within the operations. For the audit/monitoring process to detect compliance risks within the firm managers within their respective areas of operation and internal audits may work hand in hand. Tools to be used include IT-enabled programs of analysis such as databases, statistical analysis, and spreadsheets such as Excel. Recording the outcomes in records (electronic )including work papers and necessary documents according to the procedures applied, pieces of evidence gathered, and