When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?
Update the national art registry with the sale price of the art work so that art-based money laundering can be detected
Perform enhanced due diligence on the seller and buyer and update client records with findings
Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
Commission an external investigator to perform enhanced due diligence on the buyer.