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: August 19, 2020

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

Author:Mill Creek Publishing
Course No:ETH-MADOFF-2150
Recommended CPE:2.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Behavioral Ethics
  
Learning Objectives
  • Recognize professional conduct expected of a certified public accountant and consequences of misconduct under AICPA guidelines.
  • Recognize key components of the AICPA Code of Professional Conduct with regard to independence.
  • Recognize the AICPA Code of Professional Conduct rules on confidential information and acts discreditable.
  • Identify ethical safeguards as outlined by the AICPA.
  • Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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