Course:  Bernard Madoff Investment Securities' Auditor: A Case Study in the AICPA Code of Conduct

Author: Joseph P. Helstrom

Course ID:EMCMADA

CPE Hours: 1

 Format: PDF

Review:
"...this ethics course was quite interesting, much better in this case format and more engaging, it really drives the point. What a crook! " J.H.

Price: $8.00

Course Description: 
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.

Delivery: Internet/Interactive

NASBA Category: Regulatory Ethics

Learning Objective:
To understand how to apply the AICPA's Code of conduct to your business by studying the case of Madoff. 

Level: Basic Overview

Prerequisites: None

Updated/Revised: February 2011