Refer to Exhibit 2.1 and answer the following questions. a. What is a Ponzi scheme? b. Describe

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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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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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Question Posted: Sep 22, 2014 07:54 AM

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Refer to Exhibit 2.1 and answer the following questions. a. What is a Ponzi scheme? b. Describe

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a A Ponzi scheme occurs when the deposits of current investors are used to pay retur...View the full answer

Auditing a risk based approach to conducting a quality audit

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