Thread: The Man Who Figured Out Madoff's Scheme
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Old 06-16-2009, 10:37 AM
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Fulcrum525 Fulcrum525 is offline
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Quote:
Originally Posted by dynalow View Post
Articles were all over the place. Here's just one.

http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081218/REG/812189991

Not only was he not doing any "audit procedures" for the money, he told the NY State CPA regulators and the AICPA that he didn't perform audits and thus was not subject to a higher level of professional "peer review".
From the article.....

"Certainly, it’s mind-boggling to think that a tiny accounting firm such as Friehling & Horowitz was the auditor for Mr. Madoff’s firm, which purportedly managed billions in assets. “What if General Motors had a three-person accounting firm doing its audits?” "

Based on whats happened with GM they probably did
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