ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION
Almost half of the Romanian companies have been victims of economic crime in the last two years, and over 50% of the economic crimes committed globally were caused by the inefficiency of internal control mechanisms, according to a PwC Report of May 2018. Under these conditions, it was necessary fo...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Editura Univeristatii "Stefan cel Mare" din Suceava
2020-12-01
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| Series: | USV Annals of Economics and Public Administration |
| Subjects: | |
| Online Access: | http://annals.seap.usv.ro/index.php/annals/article/view/1275/1037 |
| _version_ | 1818556474214842368 |
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| author | Maria GROSU Camelia Cătălina MIHALCIUC |
| author_facet | Maria GROSU Camelia Cătălina MIHALCIUC |
| author_sort | Maria GROSU |
| collection | DOAJ |
| description | Almost half of the Romanian companies have been victims of economic crime in the last two years, and over
50% of the economic crimes committed globally were caused by the inefficiency of internal control mechanisms,
according to a PwC Report of May 2018. Under these conditions, it was necessary for economic entities to develop
procedures that prevent, combat, but also report fraudulent behavior. The financial auditor has an important role to
play in this direction, both for assessing the risk of fraud, in general, and for assessing the risks of money laundering
and terrorist financing, in particular. In this regard, recent changes were made to regulations issued at European and
national level on the obligations of financial auditors for the establishment of measures to prevent and combat money
laundering and terrorist financing in the missions in which they are involved. This article aims, on the one hand, to
highlight the financial audit procedures for assessing the risks of money laundering and terrorist financing identified in
the audit missions of companies listed on the BSE, and on the other, to test the influence these risks on the reporting by
the financial auditors of the suspicious transactions, but also on the audit opinion. |
| first_indexed | 2024-12-13T23:47:48Z |
| format | Article |
| id | doaj.art-5fe4decb06e04ff29a87a6a25697e11f |
| institution | Directory Open Access Journal |
| issn | 2285-3332 2344-3847 |
| language | English |
| last_indexed | 2024-12-13T23:47:48Z |
| publishDate | 2020-12-01 |
| publisher | Editura Univeristatii "Stefan cel Mare" din Suceava |
| record_format | Article |
| series | USV Annals of Economics and Public Administration |
| spelling | doaj.art-5fe4decb06e04ff29a87a6a25697e11f2022-12-21T23:26:53ZengEditura Univeristatii "Stefan cel Mare" din SuceavaUSV Annals of Economics and Public Administration2285-33322344-38472020-12-012032103114ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINIONMaria GROSU0Camelia Cătălina MIHALCIUC 1„Alexandru Ioan Cuza“ University of Iasi, Romania"Ștefan cel Mare" University of Suceava, RomaniaAlmost half of the Romanian companies have been victims of economic crime in the last two years, and over 50% of the economic crimes committed globally were caused by the inefficiency of internal control mechanisms, according to a PwC Report of May 2018. Under these conditions, it was necessary for economic entities to develop procedures that prevent, combat, but also report fraudulent behavior. The financial auditor has an important role to play in this direction, both for assessing the risk of fraud, in general, and for assessing the risks of money laundering and terrorist financing, in particular. In this regard, recent changes were made to regulations issued at European and national level on the obligations of financial auditors for the establishment of measures to prevent and combat money laundering and terrorist financing in the missions in which they are involved. This article aims, on the one hand, to highlight the financial audit procedures for assessing the risks of money laundering and terrorist financing identified in the audit missions of companies listed on the BSE, and on the other, to test the influence these risks on the reporting by the financial auditors of the suspicious transactions, but also on the audit opinion.http://annals.seap.usv.ro/index.php/annals/article/view/1275/1037financial auditmoney launderingterrorist financingrisk questionnaireaudit opinion. |
| spellingShingle | Maria GROSU Camelia Cătălina MIHALCIUC ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION USV Annals of Economics and Public Administration financial audit money laundering terrorist financing risk questionnaire audit opinion. |
| title | ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION |
| title_full | ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION |
| title_fullStr | ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION |
| title_full_unstemmed | ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION |
| title_short | ASSESSMENT OF RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AND INFLUENCE ON FINANCIAL AUDIT OPINION |
| title_sort | assessment of risks of money laundering and terrorist financing and influence on financial audit opinion |
| topic | financial audit money laundering terrorist financing risk questionnaire audit opinion. |
| url | http://annals.seap.usv.ro/index.php/annals/article/view/1275/1037 |
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