deter another Madoff fraud. -) Investors, the auditor, feeder funds, the Financial Industry Regulatory Authority, Inc. (FINRA), SEC inspectors-all should have exhibited professional skepticism. What do you understand by the phrase "professional skepticism"? Describe it in detail. Why did the SEC regulatory controls

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Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.