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.
Topics covered:
- Madoff - Ponzi Scheme
- SEC Complaint
- AICPA Code of Conduct
- Joint Ethics Enforcement Program
Review Questions and Final Exam are completed under section "Review and Test".
- Teacher: usman data
SKU *: crs-1647790
Sell price $: 29.00
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Course Short Description:
This course is a case study. Subjects include: Ponzi Scheme, SEC, AICPA, and the Joint Ethics Enforcement Program.
credit Hours: 0
CPE Credits Awarded *: 2
Approval Status: - None -
Course is for: ** Main Course Library **
Course Duration: 2
Complexity of Content: Foundational
Suppress in lists: No
Last Updated/Reviewed Date: August 06, 2024
Prerequisitses:
No advanced preparation or prerequisites are required for this course.
Learning Objective:
- 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.
Course Type: CPE Course
Format: On Demand
Audit & Accounting: No
Careers: No
Ethics (NASBA): Yes
Excel: No
Finance: No
Human Resources (HR): No
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Field of Study: Behavioral Ethics
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CPD-IES8: Yes
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CPE Credits: 2
Field of Study: Behavioral Ethics
CPE Delivery Method: QAS Self-Study
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Field of Study: Behavioral Ethics
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Field of Study: Behavioral Ethics
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