ACCA P7 Advanced Audit and Assurance - download pdf or read online

By BPP Learning Media

ISBN-10: 1472726855

ISBN-13: 9781472726858

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D) 22 Mr Roy was instructed not to record the transaction in the accounting records of Loft Co. Increased secrecy over transactions is another indicator of money laundering. com Loft Co's bank statement should be checked to confirm Mr Roy's assertion. 3) must be avoided. It is a criminal offence to not report suspicions of money laundering. co m The firm requires these procedures to avoid committing any of the wide range of offences under the UK's Money Laundering Regulations. com  Concealing criminal property 'Arranging' – becoming involved in an arrangement which is known or is suspected of facilitating the acquisition of criminal property Acquiring, using or possessing criminal property ial   Defences to these offences include: Reporting to the NCA or the MLRO before the act took place  Reporting to the NCA or the MLRO after the act took place if there was good reason for the failure to report earlier ter  Knowledge   Actual knowledge Shutting one's mind to the obvious Deliberately deterring a person from making disclosures, the content of which one might not care to have knowledge of Knowledge of circumstances which would indicate the facts to an honest and reasonable person Knowledge of circumstances which would put an honest and reasonable person on inquiry and failing to make the reasonable inquiries which such a person would have made tud    as Suspicion is not defined in existing legislation.

Once the directors have set up a system of internal control, they are responsible for reviewing it regularly, to ensure that it still meets its objectives. The board may decide that in order to carry out their review function properly they have to employ an internal audit function to undertake this task. The role of internal audit is discussed in more detail in Chapter 16, but this is potentially part of its function. tud If the board does not see the need for an internal audit function, the UK Corporate Governance Code suggests that it revisits this decision on an annual basis, so that the need for internal audit is regularly reviewed.

Com point in owning lots of cash if none of it can be spent without arousing suspicion – for instance, a criminal buying a new Porsche with $100,000 in cash would be at risk of being detected by the authorities. Money laundering enables criminals to enjoy at least some benefit from their activities. The aim of money laundering is to 'clean' the 'dirty' money by passing it through an apparently legitimate business, so that it can then be accessed without fear of the authorities becoming aware of it.

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ACCA P7 Advanced Audit and Assurance by BPP Learning Media


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