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MLRO

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › MLRO

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 23, 2020 at 4:55 pm #592959
    antsam31
    Member
    • Topics: 34
    • Replies: 7
    • ☆

    I am getting confused re MLRO.

    when an auditor notice a suspicious transaction, the auditor must report to the MLRO irrelevant of the materiality of the transaction. My question is;

    1. who should appoint the MLRO (the subject person i.e. the audit firm or the client for whom we are doing the audit?)

    Thank you

    October 23, 2020 at 7:45 pm #592971
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8349
    • ☆☆☆☆☆

    If you download the notes and search on “MLRO” you will see that this is an “internal” position – i.e. the audit firm must appoint someone within the firm to be the MLRO (because accountancy is a regulated industry) – e.g. see page 33.

    October 24, 2020 at 9:42 am #593001
    antsam31
    Member
    • Topics: 34
    • Replies: 7
    • ☆

    Thanks a lot. I will refer to the notes.

    October 24, 2020 at 5:54 pm #593038
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8349
    • ☆☆☆☆☆

    You’re welcome!

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘MLRO’ is closed to new replies.

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