User Account

All Pages

Determine the fundamental audit procedures

Assignment Help Auditing
Reference no: EM131241124

Review the Madoff Securities case, located in Chapter 6 of your textbook.

Write a four to five 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.

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

Reference no: EM131241124

Questions Cloud

Wavelength of an earthquake wave : What is the wavelength of an earthquake wave if it has a speed of 13 km/s and a frequency of 13 Hz?
Will the worker utility be greater under negative income tax : Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week.  Show that the worker wil..
Exerted on the positive plate of the capacitor : The electric field within the capacitor has a value of 170 N/C, and each plate has an area of 7.5 10-4 m2. What is the magnetic force (magnitude and direction) exerted on the positive plate of the capacitor?
What is the market price of interest rate risk : What is the market price of interest rate risk? - What is the expected return and volatility for a 5-year zero-coupon bond in the riskneutral world?
Determine the fundamental audit procedures : Determine the fundamental audit procedures that you should have applied to this investment. Predict the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.
What is the value of the friction factor for this duct : What is the value of the friction factor for this duct and the approximate size of the equivalent roughness of the surface of the duct?
About the supply and demand curve of cocaine : Think about the supply and demand curve of cocaine. Find a way to reduce the market quantity. Explain why you think your method is efficient.
What is the value of a european swap option : What is the value of a European swap option that gives the holder the right to enter into a 3-year annual-pay swap in 4 years where a fixed rate of 5% is paid and LIBOR is received?
Difference in elevation of the free surfaces of the tanks : Water flows from one large tank to another at a rate of 0.50 ft3 /s through a horizontal 3-in.-diameter cast-iron pipe of length 200 ft. If minor losses are neglected, determine the difference in elevation of the free surfaces of the tanks.

Reviews

Write a Review

Auditing Questions & Answers

  Is the audit and risk committee independent

MAA705 - Corporate Auditing What is the size of the audit and risk committee and Is the audit and risk committee independent - Why does the ASX recommend audit committees be independent?

  What is the best way for joanne to approach given situation

What is the best way for Joanne to approach this situation? Consider the Internal Audit Department, Andy, Robert and Joanne, herself, in your answer. Note the issues we discussed with respect to a consulting engagement.

  Impacts of world bank in developing countries

Please see article. Identify one of the issues or activities that the World Bank is involved. How have they made a difference in a developing country or countries with regards to this issue?

  Comprehensiveness in covering major points

The company you use should have its central processing unit (CPU) on site instead of connecting to it over phone lines. The company should have at least two of the following applications on its computer system: Accounts Payable, Accounts Receivable, ..

  Identify five indicators of a financial nature

Identify five indicators of a financial nature that may raise doubt on an entity's ability to continue as a going concern and what evidence should the auditor obtain with respect to management's plan about the various mitigating factors identified i..

  Martin s albert social security number 111-11-1111 is 39

martin s. albert social security number 111-11-1111 is 39 years old and is married to michele r. albert social security

  Relationship between the methodology for designing tests

1.Explain the relationship between the methodology for designing tests of controls and substantive tests of transactions in Figure (a) and the method ology for designing tests of details of balances in Figure (b).

  Internal control-preliminary analytical procedures

Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.

  Explain the impact that the pacific acceptance case

Explain the impact that the Pacific Acceptance case had on existing auditing practice. B. List four of the procedures or practices that were identified in the ruling as being part of a competent audit.

  Explain the factors you would take into account

Explain the information you would seek to enable you to reach a conclusion as to the suitability of the potential client - Explain the factors you would take into account when assessing the level of risk associated

  Discuss specific risks of the company you will be auditing

Consider and Discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner's Equity accounts and..

  Determining operating leverage-roe-eva

Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well. Give the advantages and disadvantages of each of these measures.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd