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Kim Smith.
Kim Smith.-
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jihun lee
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1. Is it possible to include an item in both material uncertainty related to going cocern and emphasis of matter in the auditor’s report ?
For example a legal action from a client which affects the going concern status of the company and it’s fundamentally important to user’s understanding ( and presented , disclosed in FS)
2. For anti money laundering program, i notics that a firm must appoint money laundering reporting officer. But this appointment must be done by an audit firm or a client firm ?
Kim Smith
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1. If you downloaded the notes before December please download them again as I sought to clarify this. Any matter has only ONE place in an auditor’s report. A MURGC section gives sufficient “emphasis” to a going concern matter – so an EoM cannot be used for a matter relating to going concern (that would simply be “wrong”). You could have a situation where there is MURGC in relation to negotiations for bank overdraft facilities and, quite separately, a contingent liability or non-adjusting PBSE which is disclosed in the notes to the financial statements. In this case there could be an EoM as well as MURGC – but the EoM references a different note, unrelated to going concern.
2. “Firm” general means the audit FIRM – as opposed to the client COMPANY. The MLRO is an officer in any organisation that needs to comply with relevant legislation. So if the client’s business was in financial services (say), the client would need to have a MLRO. An audit firm must have a MLRO because the provision of audit services is a regulated activity.
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