Bernard Madoff Investment Securities’ Auditor – A Case Study in the AICPA Code of Conduct
Bernard Madoff Investment Securities LLC was the source of the largest financial fraud in US history. Madoff perpetrated a simple Ponzi scheme whereby older investors were paid with newer investor funds, thus providing the impression of actual investment returns. The extent of the losses related to Madoff’s Ponzi scheme have been estimated at $50 – $65 billion.

Many are astounded to hear that Bernard Madoff Investment Securities LLC was audited by a CPA. Unfortunately, Madoff’s CPA apparently did not subscribe to the AICPA Code of Conduct as most of the rules contained in the code were ignored. What follows is a case study examining the conduct of Friehling & Horowitz CPA’s P.C., the CPA firm that audited Bernard Madoff Investment Securities LLC, within the context of the AICPA Code of Professional Conduct.

Course Publication Date: June 22, 2017

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $20.00!

Author:Mill Creek Publishing
Course No:ETH-MADOFF-2157
Recommended CPE:2.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Behavioral Ethics
  
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Learning Objectives
  • Describe the AICPA Code of Professional Conduct.
  • Describe the AICPA Joint Ethics Enforcement Program.

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