Madoff continues to influence industry
What lessons have been learned from Madoff? How is the approach to the audit of fund investments and funds of funds changing?
The Madoff scandal has been a cataclysmic event for the funds industry, even though Madoff was not running a hedge fund. The failure of the regulator to spot the fraud has prompted a serious review of procedures and regulations in the US. Elsewhere it has highlighted the need for thorough due diligence as well as the importance of third party independent administrators and auditors.
The KPMG team believes the Madoff affair has re-enforced the importance of robust audit procedures concerning
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