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JPMorgan pays $2.6 billion in Madoff settlements

by Ed Bannen

I read this article today and as an auditor, I am disappointed in the actions of JPMorgan but not surprised. As with audit client relationships, banking client relationships are complex by nature. Banks are required to regulate and monitor the very people who are paying them, similar to the auditor’s relationship with our clients. There are many circumstances where “things just don’t feel right” and the easy road is to ignore them or trust whatever your client says. The right thing is to dig into it more; “trust but verify” should be the motto of any regulatory service provider. Clients who are unwilling to address concerns or questions might not be the companies that you wish to associate yourself and your business with. In the end, all regulatory businesses need to be built with integrity as their corner stone because the ultimate client is always the public at large.

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