Elsa is a fast-tracker Senior Audit Manager of one of the Big 4 Audit Firms in the country. She was given proper recognition every busy season due to her efficient review of the audit reports and her excellent interpersonal skills with the clients. She is expected to be given the opportunity and privilege of working for two years in the US branch of the audit firm, all-expenses paid. 

One of her huge clients is Super Express, Inc., (SEI) a multinational bank with millions of depositors within the country alone and has maintain a name of trustworthy bank for almost three decades. While doing the substantive tests of the deposit liabilities, the audit staff of Elsa's team discovered an account with highly frequent and above tolerable amount of fund transfers from and to this account for two weeks only. This is considered as suspicious transaction under the Anti-Money Laundering Act of 2001. Elsa immediately contacted Mark, Chief Financial Officer of SEI for the bank to inform the Anti-Money Laundering Council (AMLC) of this suspicious transaction. However, Elsa was surprised that Mark was aware of it and told her that she is in no right to report it to AMLC because the audit firm is subject to professional secrecy and confidentiality.

As a person of integrity, Elsa was faced with a dilemma. Mark is right that she cannot report it to AMLC, but she reported it to her Audit Partner, Rudy. Again, she was surprised that Rudy has knowledge about the suspicious transaction and told her to do not say a single word about it again in her audit team. Rudy also reminded Elsa that he was the one who endorsed her to be given the chance to work in the US branch.

If you were Elsa, what are your actions?

Answer rating: 100% (QA)

Acting with integrity and ensuring that all transactions meet the necessary criteria is essential as ... View the full answer