Refer to Exhibit 2.1 and answer the following questions. a. What is a Ponzi scheme? b. Describe
Question:
Refer to Exhibit 2.1 and answer the following questions.
a. What is a Ponzi scheme?
b. Describe the key elements of the Bernie Madoff fraud.
c. Is this fraud primarily a case of asset misappropriation or fraudulent financial reporting?
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a A Ponzi scheme occurs when the deposits of current investors are used to pay retur...View the full answer
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Had an experience as an external auditor in Ernst & Young Philippines and currently a Corporate Accountant in a consultancy company providing manpower to a 5-star hotel in Makati, Philippines, Makati Diamond Residences
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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