High-risk country and Misstatement: Difference between pages

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1. ''Anti money laundering and Countering Terrorist Financing''.
1. ''Financial reporting - audit.''


In this context, a high-risk country is one with significant deficiencies in its anti money laundering (AML) and Countering the Financing of Terrorism (CFT) regimes.
In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.


Misstatements may be a result of error or of fraud.


2. ''International trade''.


In the international trade context, a high-risk country is one which presents higher levels of financial risk or other commercial risks for a trading counterparty.
Types of misstatement include factual misstatements and judgmental misstatements.


Misstatements include omissions.


== See also ==
* [[4MLD]]
* [[Anti money laundering]]
* [[CFT]]
* [[Financial Action Task Force]]
* [[FinCEN]]
* [[Know-your-customer]]
* [[PANA inquiry]]
* [[Political risk]]
* [[Terrorist financing]]


In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.
2. ''Law.''
Any false statement, not necessarily one made between two parties forming a contract together.


=== Other resources ===


[[Media:2015_03_Mar_-_Squeaky_clean.pdf| Squeaky Clean, The Treasurer, 2015 student article on anti money laundering implications for corporate treasurers.]]
== See also ==
* [[Accounting standards]]
* [[Audit]]
* [[Auditors’ report]]
* [[Contract]]
* [[Disclosure]]
* [[Factual misstatement]]
* [[Financial reporting]]
* [[Fraud]]
* [[Fraudulent misrepresentation]]
* [[Innocent misrepresentation]]
* [[Judgemental misstatement]]
* [[Law]]
* [[Material]]
* [[Misrepresentation]]
* [[Negligent misrepresentation]]
* [[Negligent misstatement]]
* [[Qualified audit report]]
* [[Unqualified audit report]]


[[Category:Compliance_and_audit]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:Trade_finance]]
[[Category:The_business_context]]

Revision as of 05:02, 2 July 2021

1. Financial reporting - audit.

In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.

Misstatements may be a result of error or of fraud.


Types of misstatement include factual misstatements and judgmental misstatements.

Misstatements include omissions.


In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.


2. Law.

Any false statement, not necessarily one made between two parties forming a contract together.


See also

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