Revised guidance for auditors on money laundering
The revised version of Practice Note 12 ‘Money Laundering – Guidance for auditors in the United Kingdom’ has been updated by the Auditing Practices Board (APB) to reflect the requirements of the Clarified ISAs applicable for periods ending on or after 15 December 2010. The revised version of the guidance features only minor changes compared to the old version and for such reason the APB have decided not to submit it for HM Treasury approval as the current approval will continue to apply to the latest version.
Although the APB estimates that about half of Practice Note 12 replicates the guidance issued by the CCAB and published by ACCA as Technical Factsheet 145 , it is maintained that the guidance is necessary as it is specific for the context of the performance of an audit engagement and the examples are especially useful to auditors.
Practice Note 12 can be downloaded from the APB’s website at Practice Note 12 (Revised) .