Alternatives - audited financial statements • Potential...

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8/22/11 Alternative 1 Do not perform the audit due to a lack of independence Would not expose the ponzi scheme and allow Madoff would be able to continue to exploit investors
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8/22/11 Alternative 2 Perform audit issue a disclaimer report due to lack of dependence Force Madoff to find another firm to audit do to SEC restriction X 17A requiring investment firms to have
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Unformatted text preview: audited financial statements • Potential to expose ponzi scheme, but still allowing theft from investors 8/22/11 Alternative 3 • Blow the whistle on BMIS • Report BMIS to SEC when first approached by Madoff to perform a fraudulent audit • Save investors billions of dollars by exposing ponzi scheme...
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This note was uploaded on 08/22/2011 for the course ACIS 3414 taught by Professor Yardley during the Spring '08 term at Virginia Tech.

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Alternatives - audited financial statements • Potential...

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