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Assignment 1: Madoff Securities
Due
Week 3 and worth 280 points
Review
the Madoff Securities case, located in Chapter 3 of your textbook.
Write
a four to five (4-5) page paper 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. Determine the
fundamental audit procedures that you should have applied to this investment.
3. Predict the way in which a peer
review of Friehling and Horowitz would have uncovered the scheme related to
Madoff Securities.
4. 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.
5. 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.
6. Use at least two (2) quality
academic resources in this assignment. Note: Wikipedia and similar type
Websites do not qualify as academic resources.
Your
assignment must follow these formatting requirements:
Be typed, double spaced,
using Times New Roman font (size 12), with one-inch margins on all sides;
citations and references must follow APA or school-specific format. Check with
your professor for any additional instructions.
Include a cover page
containing the title of the assignment, the student’s name, the professor’s
name, the course title, and the date. The cover page and the reference page are
not included in the required assignment page length.
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