Let's think about two different huge corporate scandals - Enron and Madoff. In the former, the SEC was very involved in the process to prevent a recurrence, while on the latter they were basically sitting in the corner. The first scandal took place in spite of the fact that the auditor was at the time the eighth largest public accounting firm in the country, while the Madoff auditor was a two-man partnership that operated from on top of a supermarket in a small town in Orange County NY. After Enron, the Sarbanes-Oxley legislation was passed, while after Madoff there was no flurry of legislative activity.

Compare and contrast what was happening. What do you recommend to prevent another Madoff-like occurrence in the future? (2-3 paragraphs)