Use Landscape to see Search/Filter
Item Types:
Field of Study:
CPE Hours:
Course Details

Bernard Madoff Investment Securities Auditor - A Case Study in the AICPA Code of Conduct - v08 (Course Id 797)

QAS / Registry   Add to Cart 
Author : Patricia McCarthy, MBA
Status : Production
CPE Credits : 2.0
IRS Credits : 0
Price : $19.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Regulatory Ethics - Regulatory Ethics for Course Id 797

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.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 29-Jun-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 797

Keywords : Regulatory Ethics, Bernard, Madoff, Investment, Securities, Auditor, Case, Study, AICPCode, Conduct, v08, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Describe the AICPA Code of Professional Conduct
  • Describe the AICPA Joint Ethics Enforcement Program
  • Course Contents :

    Chapter 1 - Bernard Madoff Investment Securities’ Auditor - A Case Study in the AICPA Code of Conduct

    Course Learning objectives:

    Case Study Overview

    About Friehling & Horowitz CPA’s P.C.

    Friehling & Horowitz Compensation from Bernard Madoff Investment Securities LLC

    The Ponzi Scheme

    Bernard Madoff Investment Securities LLC Investors

    Madoff Arrest and Sentencing

    Friehling & Horowitz Audit Procedures and the SEC Complaint

    Friehling’s Sentence

    Friehling’s Ethics Complaint

    Friehling’s Loss of CPA License

    The AICPA Code of Professional Conduct


    Part 1 – Members in Public Practice

    Rule 1.100 Integrity and Objectivity

    1.130 Preparing and Reporting Information

    1.200 - Independence

    Review Questions

    Rule 1.300—General Standards Rule

    1.310 Compliance with Standards Rule

    1.320 Accounting Principles Rule

    1.400.001 Acts Discreditable Rule

    1.510.001 — Contingent Fees Rule

    1.520.001—Commissions and referral fees Rule

    1.600.001 —Advertising and other forms of solicitation

    1.700.001— Confidential client information rule

    1.800.001—Form of organization and name rule

    Part 2 – Members in Business

    2.100.001 – Integrity and Objectivity Rule

    2.130.030 Obligation of a Member to His or Her Employer’s External Accountant

    2.170.010 – Pressure to Breach the Rules

    2.300.001 — General standards rule

    2.310.001—Compliance with standards rule

    2.320.001—Accounting principles rule

    2.400.001 Acts Discreditable Rule

    2.400.070 Confidential Information from employment or volunteer activities

    Part 3 – Other Members

    3.400.001 - Acts discreditable rule

    3.400.070 Confidential Information from employment or volunteer activities

    Joint Ethics Enforcement Program


    Complaint Receipt

    Complaint Evaluation

    Investigation Procedures

    Automatic Discipline

    Review Questions


    CPE Regulatory Ethics Course: https://www.cpethink.com/aicpa-based-ethics-for-cpas
    Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
    Exam completed on .

    Do you want to add the course again?