Bernard Madoff investment Securities Auditor A Fraud Case Study in the AICPA Code of Conduct

Bernard Madoff investment Securities Auditor A Fraud Case Study in the AICPA Code of Conduct
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Price: $19.99
Credits: 2
Prerequisite: N/A
Level: N/A
Model: PM100
Average Rating: Not Rated
Fields of study: Behavioral Ethics
Format: PDF


 

Course Title:  Bernard Madoff Investment Securities’ Auditor

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.

Recommended CPE Credits: 2.0

Category: Ethics

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author:  Joseph Helstrom

Format: Self Study

 

Learning objectives:

 

  1. Recognize professional conduct expected of a certified public accountant and consequences of misconduct under AICPA guidelines.
  2. Recognize key components of the AICPA Code of Professional Conduct with regard to independence.
  3. Recognize the AICPA Code of Professional Conduct rules on confidential information and acts discreditable .
  4. Identify ethical safeguards as outlined by the AICPA.
  5. Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions

 

Topics covered:

  • Madoff – Ponzi Scheme
  • SEC Complaint
  • AICPA Code of Conduct
  • Joint Ethics Enforcement Program

 

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