CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

The Madoff Investment Scandal: A Case Study In The AICPA Code Of Conduct

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Behavioral Ethics

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

Learning Objectives

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.
  • Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions

Course Specifics

Course ID
4170639
Revision Date
April 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-E-01435-19-S
IRS Ethics Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1360
CTEC Ethics Credits: 2

Course Instructor

Joseph Helstrom Headshot
Joseph Helstrom, CPA

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 …

Joseph Helstrom, CPA Read More »

The Madoff Investment Scandal: A Case Study In The AICPA Code Of Conduct

Expert Instructors
Format
CPE CREDITS
2 Credits: Behavioral Ethics

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Behavioral Ethics

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

Learning Objectives

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.
  • Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions

Course Specifics

Course ID
4170639
Revision Date
April 1, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-E-01435-19-S
IRS Ethics Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1360
CTEC Ethics Credits: 2

Course Instructor

Joseph Helstrom Headshot
Joseph Helstrom, CPA

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 …

Joseph Helstrom, CPA Read More »

The Madoff Investment Scandal: A Case Study In The AICPA Code Of Conduct

Expert Instructors
Format
CPE CREDITS
2 Credits: Behavioral Ethics

$58.00$78.00

Clear