MODULE 9

Question 1

Name some Key Auditor Rights:

Answer 1

1. Right of access to company books and documents at all time
2. Right to require any directors Or employees for information and explanations
3. Right to require any subsidiaries in the uk, that the company owns
4. Right to receive all copies of comincation relating to sny written resolution
5. Right to receive notices for any general meeting, and to attend these meeting
6. Right to be heard at any general meeting

Question 2

What are an Auditors responsibilities?

Answer 2

1. To express an opinion on:
   a) whether or not the financial statements.give a fair and true view inn accordance to relevant framework

b) The consistency of the directors report and strategic report with the financial satements

The Auditor must also consider whether:

1. Returns (Information Requested) have been received from branches not visited by the auditor
2. Accounts agree with the underlying records
3. Proper accounting records have been met
4. Information and explanations necessary have been received
5. Directors emoluments ( e.g salary, bonuses etc.) sand other benefits are disclosed

Question 3

What impacts on Auditing does Money Laundering have>

Answer 3

1. Auditors must report any suspicions or knowledge of money laundering
2. Auditors must be careful not to tip off Money Launderer, e.g randomly leaving of an audit

Question 4

What are the ML Regulations?

Answer 4

Ml regulations require you to.establish and maintain specific policies and procedures to guard against services being used for money Laundering services

The ML Regulations cover:

1. Risk Assessment and controls
2. Customer Due diligence
3. Supervision and dUE Diligence