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
- Brexit novations ‘on hold’ to gain reg relief
- Banks hope final FRTB rules will ease NMRF burden
- Functional programming reaches for stardom in finance
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more
- Mifid data publishers drag feet on Esma guidelines