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Extra resources for ACCA P7 Advanced Audit and Assurance
4 Accountants' obligations ym a Many countries have now made money laundering a criminal offence. In some countries, such as the UK, Australia, Singapore and the USA, the criminal offences include those directed at accountants. It is useful to look in detail at the obligations of UK accountants in relation to the law regarding money laundering as an example. tud In the UK, the basic requirements are for accountants to keep records of clients' identity and to report suspicions of money laundering to the National Crime Agency (NCA, formerly SOCA).
In this way, the problem may be resolved without the auditor having to reveal the matter to the shareholders, either in their report or at a general meeting of shareholders. com 3 Internal control effectiveness FAST FORWARD Internal control is a key part of good corporate governance. Directors are responsible for maintaining a system of control that will safeguard the company's assets. 2 Directors' responsibilities ial The ultimate responsibility for a company's system of internal controls lies with the board of directors.
The key requirement of the UK Corporate Governance Code is that the board must establish an audit committee of at least three or, in the case of smaller companies, two independent non-executive directors. The main role and responsibilities of the audit committee are listed below. To review the company's internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent directors or by the board itself, to review the company's internal control and risk management systems To monitor and review the effectiveness of the company's internal audit function To make recommendations to the board, for it to put to shareholders for their approval in general meeting, in relation to the appointment, re-appointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor To review and monitor the external auditor's independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory requirements To develop and implement policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm, and to report to the board, identifying any matters in respect of which it considers that action and improvement is needed and making recommendations as to the steps to be taken To report to the Board how it has discharged its responsibilities, including: How it has addressed significant issues arising in the financial statements How it has assessed the effectiveness of the audit process How auditor objectivity and independence is safeguarded, where the auditor provides nonaudit services.