Madoff Investment Scandal: A Case Study in the AICPA Code of Conduct (2 hrs)

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Course Description

Madoff Investment Scandal: A Case Study

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.

Course information

Price: $33

Course No. EMAD02
Format: Online pdf (54 pages).
Instructional Delivery Method: QAS Self-study
Prerequisites: None
Advance Preparation: None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Regulatory Ethics
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2018


Upon completion of this course, you should be able to:

  • Recognize ethical standards contained in the AICPA Code of Professional Conduct
  • Identify key elements of the AICPA Joint Ethics Enforcement Program

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Stefan Schrempp
Posted 1 year ago
Good summary regarding Ethics

Good summary regarding Ethics

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