I asked around (two big 4 firms) and was told that there is no requirement for an AMLA review when undertaking an external audit. Ok if thats not a requirement, then its not a requirement. However there is a requirement that the Statement of Risk Management and Internal Controls need to be reviewed by the external auditor and a private report be issued.
Now bearing in mind that AMLA is a huge risk area, could the external auditors please clarify whether they had reviewed the compliance mechanism in CIMB and paid special attention to the accounts of depositors that were related to public and politically connected persons. Seems that there could be multiple failures, both internal and external.
Thinking aloud I am wondering whether AOB will be looking at the external auditors and the standards that it adopts since they were also the auditors for a large plc that lost lots of money in qatar, that not long ago their client in the transport business said there were misaproprations in their procurement process (taking place over a four year period) and now this. Surely AOB this cannot be mere coincidences, pure bad luck!
Oh I forget they had an Executive Director seconded to the AOB that may have created a process that results in every time that firm's name appears the system denies all knowledge!
No comments:
Post a Comment