Points: 280

Assignment 1: Madoff Securities

Criteria

Unacceptable

Below 70% F

Fair

70-79% C

Proficient

80-89% B

Exemplary

90-100% A

1. Determine the regulatory oversight that was in place while the Ponzi scheme was operating, and speculate on the main reasons why they did not discover the scheme.

Weight: 15%

Did not submit or incompletely determined the regulatory oversight that was in place while the Ponzi scheme was operating; did not submit or incompletely speculated on the main reasons why they did not discover the scheme.

Partially determined the regulatory oversight that was in place while the Ponzi scheme was operating; partially speculated on the main reasons why they did not discover the scheme.

Satisfactorily determined the regulatory oversight that was in place while the Ponzi scheme was operating; satisfactorily speculated on the main reasons why they did not discover the scheme.

Thoroughly determined the regulatory oversight that was in place while the Ponzi scheme was operating; thoroughly speculated on the main reasons why they did not discover the scheme.

2. Assume you are an auditor for a firm that had $10 million dollars invested in Madoff Securities. Determine the fundamental audit procedures that you should have applied to this investment.
Weight: 15%

Did not submit or incompletely assumed you are an auditor for a firm that had $10 million dollars invested in Madoff Securities.  Did not submit or incompletely determined the fundamental audit procedures that you should have applied to this investment.

Partially assumed you are an auditor for a firm that had $10 million dollars invested in Madoff Securities. Partially determined the fundamental audit procedures that you should have applied to this investment.

Satisfactorily assumed you are an auditor for a firm that had $10 million dollars invested in Madoff Securities. Satisfactorily determined the fundamental audit procedures that you should have applied to this investment.

Thoroughly assumed you are an auditor for a firm that had $10 million dollars invested in Madoff Securities.  Thoroughly determined the fundamental audit procedures that you should have applied to this investment.

3. Predict the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.

Weight: 15%

Did not submit or incompletely predicted the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.

Partially predicted the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.

Satisfactorily predicted the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.

Thoroughly predicted the way in which a peer review of Friehling and Horowitz would have uncovered the scheme related to Madoff Securities.

4. Pretend you are Harry Markopolos and suggest one (1) strategy, different from that of the case study, to expose the potential fraud. Provide a rationale to support the suggestion.

Weight: 15%

Did not submit or incompletely suggested one (1) strategy, different from that of the case study, to expose the potential fraud. Did not submit or incompletely provided a rationale to support the suggestion.

Partially suggested one (1) strategy, different from that of the case study, to expose the potential fraud. Partially provided a rationale to support the   suggestion.

Satisfactorily suggested one (1) strategy, different from that of the case study, to expose the potential fraud. Satisfactorily provided a rationale to support the   suggestion.

Thoroughly suggested one (1) strategy, different from that of the case study, to expose the potential fraud. Thoroughly provided a rationale to support the suggestion.

5. Analyze the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi scheme, and suggest one (1) action the audit committee could have taken in order to prevent or detect the fraud. Provide a rationale to support the   suggestion.

Weight: 15%

Did not submit or incompletely analyzed the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi scheme; did not submit or incompletely suggested one (1) action the audit committee could have taken in order to prevent or detect the fraud. Did not submit or incompletely provided a rationale to support the suggestion.

Partially analyzed the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi scheme; partially suggested one (1) action the audit committee could have taken in order to prevent or detect the fraud. Partially provided a rationale to support the suggestion.

Satisfactorily analyzed the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi scheme; satisfactorily suggested one (1) action the audit committee could have taken in order to prevent or detect the fraud. Satisfactorily provided a rationale to support the  suggestion.

Thoroughly analyzed the role of the audit committee for Madoff Securities in regard to the discovery of Ponzi scheme; thoroughly suggested one (1) action the audit committee could have taken in order to prevent or detect the fraud. Thoroughly provided a rationale to support the suggestion.

6. 2 references (or number in the assignment)

Weight: 5%

No references provided

Does not meet the required number of references; some or all references poor quality choices.

Meets number of required references; all references high quality choices.

Exceeds number of required references; all references high quality choices.

7. Writing Mechanics, Grammar, and Formatting

Weight: 5%

Serious and persistent errors in grammar, spelling, punctuation, or formatting.

Partially free of errors in grammar, spelling, punctuation, or formatting.

Mostly free of errors in grammar, spelling, punctuation, or formatting.

Error free or almost error free grammar, spelling, punctuation, or formatting.

8. Appropriate use of APA in-text citations and  reference section

Weight: 5%

Lack of in-text citations and / or lack of reference section.

In-text citations and references are provided, but they are only partially formatted correctly in APA style.

Most in-text citations and references are provided, and they are generally formatted correctly in APA style.

In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.

9. Information Literacy/Integration of Sources

Weight: 5%

Serious errors in the integration of sources, such as intentional or accidental plagiarism, or failure to use in-text citations.

Sources are partially integrated using effective techniques of quoting, paraphrasing, and summarizing.

 

Sources are mostly integrated using effective techniques of quoting, paraphrasing, and summarizing.

Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing.

10. Clarity and Coherence of Writing

Weight: 5%

Information is confusing to the reader and fails to include reasons and evidence that logically support ideas.

Information is partially clear with minimal reasons and evidence that logically support ideas.

Information is mostly clear and generally supported with reasons and evidence that logically support ideas.

 

Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas.