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Consult paragraphs 5-8 of PCAOB Auditing Standard No. 8 and Paragrapghs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk

Consult paragraphs 5-8 of PCAOB Auditing Standard No. 8 and Paragrapghs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of inherent risk assessment and the case information, identify three specific factors about Madoffs Securities business model that might cause you to elevate inherent risk if you were conducting an audit at Madoff Securities.

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