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Ponzi Scheme: The Bernie Madoff Misconduct

  • Credits: 1
  • Format: Self-Study eBook
  • Field of Study: Ethics | Auditing
  • Author/Speaker: Lanford Publishing
Available Formats:
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Ethics
Course ID: JH-107.21
Published Date: © Jan 2020

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 has 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 and 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.

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

Learning Objectives:

After reading the course material, you will be able to:

  • Understand how to apply the AICPA’s Code of conduct by studying the case of Madoff.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: