APB PN 122
The Auditing Practices Board (APB) today issued an exposure draft of an update to Practice Note 12 (Revised), ‘Money Laundering – Guidance for auditors in the United Kingdom’. This draft guidance has been approved under the Proceeds of Crime Act 2002 by HM Treasury and has been updated for the new ISAs (UK and Ireland). The APB is issuing this guidance as an exposure draft to meet its due process. APB does not believe that there are any substantial changes made as a result of the update for ISAs (UK and Ireland) and therefore HM Treasury will not be asked to reapprove the document following the exposure period, assuming there are no substantial changes made as a result of this consultation.
Richard Fleck, Chairman of APB commented:
“This Practice Note, which has now been approved by HM Treasury, provides guidance to auditors in a complex area by assisting them in meeting their anti-money laundering responsibilities when carrying out audit work. We anticipate issuing the guidance in final form soon after the end of the exposure period.”
See full Press Release.
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