- July 15, 2021 at 6:34 am #627791Jiya024Member
- Topics: 168
- Replies: 56
“The firm must comply with money laundering regulations which require client due diligence to be carried out. If there is any suspicion of money laundering, or actual money laundering committed by the prospective client, the firm cannot accept the engagement.”
professor, there are always companies which continue despite money laundering incidence getting reported. I mean investigations of auditors and executives, doesn’t stop a company from trading and carrying on its operating activities.
So in the context of above quoted paragraph, if there are such restrictions imposed on a prospective auditors then how can a company run without an auditor(the existing auditors would have to step down due to money laundering case propping up during their tenure)??
if you get what am asking…July 15, 2021 at 7:30 am #627807Kim SmithKeymaster
- Topics: 100
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Money laundering is not examinable in AA so please ignore this. Of course you may know already from LW that it is a criminal offence and there is reporting associated with it but you do not need to know anything about requirement’s of auditors.
If you would like to tell me in whose approved materials you are reading this, I can feed back that this should be deleted.
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