- money laundering
- The transferring of *money derived from illegal activities into legal or legitimate channels. Money laundering is intended to conceal the illegal origins of funds, and it is commonly associated with drug trafficking and *smuggling. In the United States, anti-money laundering legislation was significantly enhanced by the provisions of the Patriot Act of 2001. Auditing techniques designed to investigate illegal activities like money laundering are often referred to as *forensic auditing. Further reading: Quinn (2002) monitoring The surveillance and review of an activity or asset over time. Monitoring (as suggested in *Internal Control - Integrated Framework or the COSO Report) is an essential means of ascertaining and reporting on the effectiveness of organizational controls. Monitoring is also an important means of obtaining *audit evidence. See also *oversight.
Auditor's dictionary. 2014.
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