2 Credits: Behavioral Ethics
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
Upon successful completion of this course, participants will be able to:
- 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; and
- Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions
October 26, 2022
There are no prerequisites.
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Joseph Helstrom, CPA, is a partner at CFO Resources, LLC, a company focused on training and courseware for CPAs. He’s also the owner of Mill Creek Publishing LLC. Joe has over 30 years of experience as a CPA in both public accounting and industry, with extensive experience in financial reporting and analysis, treasury, tax, information technology, legal and regulatory matters, and strategic planning. After graduation from Butler University with a degree in accounting, Joe got his start at Ernst & Young. Subsequent to that, he has served for several different companies as a chief financial officer; director of treasury and …