Question: Discuss your thoughts on Madoff's auditor and the lack of awareness any regulators had that such a large company was audited by a sole-practitioner firm. Why did that happen? Could it happen again? Consider that Madoff was a "service provider" to various companies that outsourced investment activities to Madoff. If the auditors of "feeder firms" had adequately investigated Madoff as a third party service provider (formerly covered under SAS 70, now under the attest standards), would the Madoff fraud have been uncovered?