Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 28RSCQ

Refer to Exhibit 2.1
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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