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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
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.
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