Write a professional memorandum about the Case which will be attached later.
You are to analyze, assess, and fully answer the following:
— The Madoff case involves the failure of at least three Generally Accepted
Accounting Principles (GAAP), namely a) Full Disclosure Principle, b) Revenue
Recognition Principle, and c) Conservatism. As the business ethicist diagnosing
these failures, please explain how Madoff failed the ethical bar of each principle.
There might also be other principle violations at play and you should not limit
your response just to the three principles so named, as long as you also address
each of the three above.
—Ethics lapses almost always have unintended consequences. In the Madoff case,
two groups in particular were dramatically impacted Madoffs clients and
Madoffs family. Many ethicists believe that in such cases, morality is the
guidepost for the determination of ethical behavior. What are 3 unintended
consequences of the Madoff scandal on his a) clients and b) family? Please
provide 3 consequences for each group for a total of 6 altogether.