Thursday, November 5, 2009

What is this guy thinking?!

The more I read about the former auditor for Bernie Madoff's Ponzi scheme, the more questions I have about this guy. The WSJ reported that Mr. Friehling said that he is a victim of Madoff's scheme too. According to the article, Mr. Friehling revealed that "he entrusted his own retirement and his family's investments to Mr. Madoff, saying he had about $500,000 with the firm." I'm starting to think Mr. Friehling knows about as much about auditing as the typical High School student! Doesn't he know that an auditor is forbidden to invest in a company that he audits?! This is basic auditor independence! Something is missing here...but it may just be that Mr. Friehling is missing something...

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