Assignment 1: Madoff Securities

Write a four to five (4-5) page paper in which you:

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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 two (2) quality academic resources in this assignment. Note: Wikipedia and similar type Websites do not qualify as academic resources.