Need for audit seen as essential

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The quality and usefulness of audits for funds was thrown into stark relief with the revelation that the Madoff fraud was partially concealed by the lack of a rigorous review of the company’s accounts. Whether funds are regulated or not, most investors expect at least a yearly audit of the fund by a reputable accounting firm.

Anthony Pace and Noel Mizzi at KPMG in Malta think the reason behind audits can be traced back to the product itself. They think the need for an audit is driven by the need

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