The FRC has issued a revision of ISA (UK) 250 Section A, which includes a new Appendix providing revised guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK.
The Appendix was revised following consultation with HM Treasury, HM Revenue and Customs and the National Crime Agency. The new ISA (UK) is effective for audits of financial statements for periods commencing on or after 15 December 2017.
This Appendix supersedes the guidance included in Practice Note 12 Money Laundering––Guidance For Auditors On UK Legislation and consequently this Practice Note is withdrawn. By incorporating the guidance as an Appendix to ISA (UK) 250 (Revised December 2017), the FRC aims to make all relevant material to support auditors available in one place.
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