§ Mr. Austin MitchellTo ask the President of the Board of Trade what responsibilities the recognised supervisory bodies have in respect of monitoring compliance by auditors with regulations governing money laundering. [14842]
Mr. John M. TaylorAuditing is not covered by the money laundering regulations. Therefore, the recognised professional bodies cannot enforce compliance by auditors. However, the Institute of Chartered Accountants in England and Wales has set out what it considers the relevant requirements to be, within its ethical guidance for members in practice. Departure from such guidance would constitute evidence of professional misconduct.
Further, the Auditing Practices Board is currently preparing a practice note to assist auditors in complying with the relevant requirements, including the application of auditing standards, in relation to money laundering.