Write a five to six (5-6) page paper [original and fresh]in which you:
1.
Determine the regulatory oversight that was in
place while the Ponzi scheme was operating, and speculate on the main reasons
why they did not discover the scheme.
2.
Assume you are an auditor for a firm that had
$10 million dollars invested in Madoff Securities.
3.
Determine the fundamental audit procedures
that you should have applied to this investment.
4.
Predict the way in which a peer review of Friehling
and Horowitz would have uncovered the scheme related to Madoff Securities.
5.
Pretend you are Harry Markopolos and suggest
one (1) strategy, different from that of the case study, to expose the
potential fraud. Provide a rationale to support the suggestion.
6.
Analyze the role of the audit committee for
Madoff Securities in regard to the discovery of Ponzi scheme, and suggest one
(1) action the audit committee could have taken in order to prevent or detect
the fraud. Provide a rationale to support the suggestion.
7.
Use at least three (3) quality academic
resources in this assignment. Note: Wikipedia and similar type Websites do not
qualify as academic resources.
Review the Madoff
Securities case file.
The specific course
learning outcomes associated with this assignment are:
·
Analyze the requirement for the profession of
auditing and the integral role that independence assurance plays within the
economy.
·
Examine the corporate governance of audits
including the professional, regulatory, and corporate managerial requirements.
·
Use technology and information resources to
research issues in auditing.
·
Write clearly and concisely about auditing
using proper writing mechanics.
