- 10 Marks
AAA – Nov 2017 – L3 – Q3a – Current Issues, Professional Responsibility and Liability
Evaluate potential money laundering issues in an audit client and discuss the need for ethical guidance for accountants on money laundering.
Question
Sampa Sawmill Ltd. is a company located in the Eastern Region of Ghana, involved in the exportation of wood products to overseas countries. Sampa Sawmill Ltd. is of late being accused of involvement in money laundering. Sampa had been an audit client of Tetteh and Associates, a firm of Chartered Accountants for the past three years.
Required:
i) As an Audit Manager of Tetteh and Associates in charge of Sampa Sawmill Ltd., evaluate the issues you will consider to prove or disprove the allegation. (5 marks)
ii) Discuss the need for ethical guidance for professional accountants on money laundering.
(5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Ethics, Money laundering, Professional Guidance, Risk Assessment
- Level: Level 3
- Topic: Current issues, Professional responsibility and liability
- Series: NOV 2017
Report an error