SGV Financial Services Organization (FSO) Leader Vicky Lee-Salas (VLS), Partner Christian G. Lauron (CGL), and Senior Directors Leslie Huang and Bryan Baes attended the London Bullion Market Association (LBMA) Virtual Auditor Training Course. The two-day training course aimed to enhance auditors’ subject matter expertise on precious metals supply chain risks and issues. The sessions featured case studies and interactive exercises.
The facilitators discussed the ISAE 3000 standard, the concepts of risk-based assurance audits and the application of subject matter expertise when conducting due diligence audits in the context of precious metals supply chains. They also trained participants on how to check whether traceability and due diligence systems are in place, are operational and compliant with LBMA requirements and if exceptions are being effectively identified, assessed, managed and reported.
The LBMA is the international trade association that represents the market for gold and silver bullion. It is centered in London but has a global client base, including the majority of the central banks that hold gold, private sector investors, and mining companies, among others. It publishes the LBMA Good Delivery List, a widely recognized standard for the quality of gold and silver market bars, which includes the world’s pre-eminent refiners of gold and silver located in 31 countries. It promotes Due Diligence for Responsible Supply Chains by actively drafting the Gold Supplement section of the Organisation for Economic Co-operation and Development (OECD) guidance for supply chain due diligence. It has also set up a Responsible Gold Guidance for good delivery refiners to comply with high standards of anti-money laundering and combating terrorist financing and measures to curb human rights violations.