ACCAP7passcard.ppt

1.5 Chapter 1 International regulatory frameworks for audit and assurance services Money laundering The practical process Placing Layering Integration The auditor should also be aware of related party and unusual transactions which may indicate money laundering See Article by Kim Smith 4th Feb 2005 for more background Money laundering – ACCA Guidance Internal controls policies Client identification Record keeping Recognition of suspicion Reporting suspicious transactions Tipping off ISA 250: Laws and regulations Issues Businesses are exposed to many legal regulations Auditors have expertise