Called to Account
Publication Date: 2013-06-04
Called to Account takes a broad perspective on how financial frauds have shaped the public accounting profession by focusing on cases of fraud around the globe. Ever entertaining and educational, the book traces the development of the accounting standards and legislation put in place as a direct consequence of these epic scandals. The new edition offers updated chapters on ZZZZ Best and Arthur Andersen, plus new chaptersnbsp;devoted tonbsp;Parmalat, Satyam, andnbsp;The Great Recession. Through stories like Barry Minkow's staged constructions sites and MiniScribe's fake inventory number generating computer program, "Cook Book", students will learn that fraud is nothing new, and that financial reform is heavily influenced by politics. With discussion questions and a useful chart showing instructors and students how each chapter illustrates the topics covered in other textbooks, Called to Account is the ideal companion for any class in auditing, advanced accounting or forensic accounting.
Call Number: HF5605 .G57 2014
Publication Date: 2013-12-01
Scandals relating to manipulation and fraud have dominated much of the history of business and the accounting profession in America since the founding. This book reveals the signs that suggest financial corruption in organizations and proposes remedies to contain it and prevent its recurrence.
Auditing and Accounting Cases
Call Number: HF5686.C7 T48 2014
Publication Date: 2013-03-18
The approach used by Thibodeau and Freier emphasizes the substantial benefits of using real-life case examples in helping to impart knowledge related to the practice of auditing. For the fourth edition of Auditing and Accounting Cases: Investigating Issues of Fraud and Professional Ethics the authors continue their quest to be known as the most current auditing and accounting case book on the market. In that spirit, all case questions in the fourth edition have been revised to incorporate the eight new standards adopted by the PCAOB (i.e., AS 8 - AS 15) that relate to the auditor’s assessment of and response to risk in an audit and that include guidance related to audit planning, supervision, materiality, and evidence. This flexible case book is perfect for educators to prepare future audit professionals with 45 cases focusing on specific and relevant audit issues. These cases focus on specific auditing issues directly impacted by Sarbanes Oxley and Dodd-Frank, using the actual companies-Madoff, Enron, WorldCom, Quest, Sunbeam-that have become synonymous with the capital markets’ crisis in confidence.
Audit and Accountancy Pitfalls
Call Number: HF5636 .W875 2011
Publication Date: 2010-11-23
Auditors and accountants face many challenges as the fallout from the financial crisis continues. Companies and individuals who have incurred losses are likely to turn the spotlight on their financial advisors who failed to keep them out of trouble. The enormous rise in fraud due to the recession will undoubtedly give rise to the age-old cry 'Where were the auditors?' Audit and Accountancy Pitfalls is a one-of-a-kind casebook of professional negligence claims against auditors and accountants. Written as a practical reference for accountancy practitioners and their advisors, the authors draw on their personal experiences as expert witnesses, and from insurers' case files to provide a set of real life case studies illustrating the professional challenges facing all accountants and auditors, adding practical guidance on how to manage these situations effectively. Coverage includes: *Claims against auditors for failing to detect fraud *Other claims against auditors. *Claims against accountants *Tax related claims *Disciplinary actions against accountants The cases described in this book will provide many salutary warnings to practitioners in virtually every field of accountancy. Although all names have been changed to protect the guilty, the events and outcomes described are real. In each instance the authors set out what went wrong and the lessons to be learned from the mistakes made, making this a thought-provoking read. Written by an author team with over 40 years' collective experience in dealing with litigation in accounting and auditing, Audit and Accountancy Pitfalls will be an indispensable reference for auditors, accountants and anyone involved in claims involving allegations of negligence against professional accountants.
Smoke and Mirrors, Inc
Call Number: HF5658 .V4713 2006
Publication Date: 2006-06-08
Enron, Arthur Andersen, Parmalat, AIG: business headlines over the last few years have stimulated worldwide interest in accounting responsibilities and standards. Smoke and Mirrors, Inc., is a remarkable introduction to contemporary accounting and its central importance for the operation of modern capitalism. Nicolas Vron, Matthieu Autret, and Alfred Galichon show how accounting always mirrored the features of contemporaneous financial systems, while remaining intrinsically subject to judgment and uncertainty and thus leaving scope for manipulation that can convert a rotten balance sheet into a picture of robust financial health. Beginning with the story of the fictional company Smoke & Mirrors Inc., Vron and his coauthors provide a brief history of accounting's emergence and its key concepts and practices. They then shift their focus to the political economy of the various actors involved in the preparation, auditing, and use of financial information and the new challenges facing regulators as capital markets spread across national boundaries. The authors challenge widespread beliefs that accounting practices are neutral and involve the mere reporting of objective data. They trace how different accounting standards, which alter the calculus of what counts as a "fair representation" of business dealings, can change economic behavior. Along the way they provide numerous examples and case studies, including a detailed account of the tricks with which Enron cooked its books. For students of corporate finance, practicing accountants and businesspeople, and general readers who have followed a seemingly endless parade of financial scandals with disbelief, Smoke and Mirrors, Inc., provides a clear and concise overview of the use and abuse of accounting and of the underlying changes in today's capital markets.
Critical Histories of Accounting
Call Number: HF5605 .C75 2013
Publication Date: 2012-08-08
The critical tradition in accounting historiography has come to occupy a prominent place in the discipline's academic scholarship. Some critical literature has confronted the responsibility of accounting and accountants in precipitating contemporary crises, such as the audit failures that spawned Sarbanes-Oxley and the world-wide recession. Certain contemporary issues have long histories, such as the difficulties encountered by women to break the glass ceiling in public accounting, and the suffering of indigenous peoples under the imperialistic yoke. Other episodes in accounting's long history are seemingly more divorced from the present, but in reality they all have contemporary significance. Slavery in the New World, for example, although abolished more than a century ago, is still rampant in parts of the world, albeit less formally. Critical accounting historians feel it a duty to harken to the "suppressed voices" of the past, those groups of people who had no access to an accounting record - women, persons of color, indigenous populations, alienated proletarians, victims of governmental incompetence and graft, and many voiceless others. Critical Histories of Accounting: Sinister Inscriptions in the Modern Era draws on the foremost work in this developing literature, both that authored by the co-editors of this volume, and that written by others. Editors Richard K. Fleischman, Warwick N. Funnell, and Steve Walker have written extensively about "the dark side of accounting," gauging the complicity of those performing accounting functions in episodes in human history that are at worst evil and at best reprehensible. The editors have also hand-selected a series of historical and contemporary episodes that have been critically investigated by the wider accounting history community, preceded by a thorough introduction.
Publication Date: 2010-12-28
Business scandals are always with us from the South Sea Bubble to Enron and Parmalat. As accounting forms a central element of any business success or failure, the role of accounting is crucial in understanding business scandals. This book aims to explore the role of accounting, particularly creative accounting and fraud, in business scandals. The book is divided into three parts. In Part A the background and context of creative accounting and fraud is explored. Part B looks at a series of international accounting scandals and Part C draws some themes and implications from the country studies.
Publication Date: 2003-06-12
The first book to address public policy in the light of recent corporate debacles Corporate Aftershock is a reasoned, informed response to the numerous proposals to restrict derivatives, structured financing activities, and shareholder protection principles and practices following the failure of Enron and other corporations. Readers get a cogent analysis of the public policy world after recent corporate debacles. Corporate Aftershock provides a detailed background of the markets, players, regulations, and institutional environment surrounding these failures. Christopher L. Culp, PhD (Chicago, IL), is a Principal at CP Risk Management LLC. William A. Niskanen, PhD (Washington, DC), is Chairman of the Cato Institute.
Following the Money
Publication Date: 2003-02-26
A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom #151;as well as the discovery of accounting irregularities at other large U.S. companies #151;seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms #151;watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding #151;tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction?These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards. Rather than attempting to craft a single set of accounting and reporting standards for all companies throughout the world, the authors advise policymakers to allow competition between the two major sets of standards: Generally Accepted Accounting Principles and International Financial Reporting Standards.The authors also believe that the corporate disclosure system needs to be updated to reflect changes in the underlying economy. In particular, they recommend new forms of disclosure for a variety of nonfinancial indicators to better enable investors and analysts to ascertain the source and nature of intangible assets. They also urge policymakers to exploit the advantages of the Internet by encouraging more frequent financial disclosures in a form that will make them more widely accessible and more easily used.
Hidden Financial Risk
Publication Date: 2003-07-16
An insider's guide to understanding and eliminating accounting fraud How do these high-profile accounting scandals occur and what could have been done to prevent them. Hidden Financial Risk fills that void by examining methods for off balance sheet accounting, with a particular emphasis on special purpose entities (SPE), the accounting ruse of choice at Enron and other beleaguered companies. J. Edward Ketz identifies the incentives for managers to deceive investors and creditors about financial risk and also shows investors how to protect their investments in a world filled with accounting and auditing frauds. J. Edward Ketz, PhD (State College, PA) is MBA Faculty Director and Associate Professor of Accounting at Penn State's Smeal College of Business. He has been cited in the press nearly 300 times since Enron's bankruptcy, including The New York Times, The Wall Street Journal, and The Washington Post.. He has a regular column in Accounting Today.
Call Number: HF5681.B2 M66 2008
Publication Date: 2007-09-14
Publicized accounting scandals at Enron, WorldCom, etc. has stirred tremendous interest in financial reporting Explains where to look for signs of deceit and what to look for, while avoiding tedious bookkeeping topics and talk of debits or credits Covers the latest tricks, such as special purpose entities and derivatives Tips for investigating the reports of mutual funds as well as company stocks Details new disclosures required by Sarbanes-Oxley
Accounting Irregularities in Financial Statements
Call Number: HF5686.C7 K85 2005
Publication Date: 2005-08-28
Accounting irregularities are at the heart of those kinds of frauds that hit financial statements and include misstatement, misclassification as well as misrepresentation. This book provides an in-depth practical reference for those professionals who need to understand, prevent and combat against accounting irregularities in financial statements.
The Complete Guide to Spotting Accounting Fraud and Cover-Ups
Call Number: HF5636 .M34 2010
Publication Date: 2010-02-22
According to the Association of Certified Fraud Examiners, accounting fraud cost more than $994 billion in recent years, and the average organization lost 7 percent of its total revenue to fraud. So how can you prevent this from happening? The Complete Guide to Spotting Accounting Fraud & Cover-Ups details how to spot minor abnormalities or forgeries in paperwork, as well as what to immediately suspect and methods for uncovering scams. You will learn the signs to look for, including excessive turnover of lawyers and auditors, changing professionals in the middle of a transaction, inconsistent information, and significant declines in stock prices. You will learn how to recognize earnings manipulation, premature and fictitious revenue, overvalued assets and undervalued liabilities, and more. This manual will be an indispensable aid for serious investors, industry pros, acquisition and merger managers, and small business owners alike. After reading The Complete Guide to Spotting Accounting Fraud & Cover-Ups, you will no longer have to worry about accounting fraud and can focus on increasing your profits. Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
Fair Value Accounting Fraud
Call Number: HF5681.B2 Z234 2009
Publication Date: 2009-08-31
Essential guidance on the new fair value rules for accounting managers, auditors, and fraud investigators Fair Value accounting is emerging as the next prime opportunity for financial statement fraud. Explaining the many complex applications of fair value accounting in the preparation of financial statements, Fair Value Accounting Fraud offers timely guidance on an up-and-coming issue as U.S. and international accounting rules pertaining to the use of fair value accounting continue to change. You'll find discussion of U.S. GAAP and IFRS rules on fair value accounting issues, highlighting the areas most vulnerable to fraud Explanations of 75 categories of fair value accounting fraud schemes Fraud risk checklist that you can put to immediate use Practical detection techniques useful for auditors, investigators and others who rely on financial statements Expert advice from Gerard Zack, CFE, CPA, author of Fraud and Abuse in Nonprofit Organizations: A Guide to Prevention and Detection Comparing US accounting standards to International Financial Reporting Standards-thereby making this book useful worldwide- Fair Value Accounting Fraud helps you understand the new rules and develop new auditing and investigative techniques to enable you to detect potential fraud.
Fraud Risk Management
Call Number: HF5657.4 .T87 2008
Publication Date: 2007-12-19
This book provides a user-friendly guide to current and emerging issues in fraud both internal to the company, and external. It explains the terminology used and sets out the chief risks which management accountants need to be aware of. It then sets out a practical framework for the management and mitigation of fraud risk. This is followed up by an explanation of what to do in the event of concerns that a fraud has been perpetrated, is underway or is being attempted. The book also guides the reader through the process of dealing with the law enforcement authorities in the event of an investigation. The book is for all those accountants who are not professionals in risk management or investigation procedures, but who need to be aware of the issues, many of which will impact on their area of responsibility; it therefore aims to give them a user-friendly manual to the issue of fraud risk. In addition the book will provide a valuable update on emerging trends in the fraud environment. The author is a financial services and regulatory consultant with extensive experience in fraud risk management. She is also Manager, Corporate Governance for an international life company, and an examiner and moderator who lectures and writes extensively on a wide range of compliance and financial services matters. The book is in three sections: Section 1: What is fraud? What are the emerging trends in fraud at present? Section 2: what risks may you encounter in your business, and what fraud management systems should you have in place? Section 3: post-event fraud management ? what to do when your concerns are aroused that a fraud has taken place or is being attempted? * makes accountants aware of different types of fraud risk * explains practical issues including post-fraud event management * The author, a financial and regulatory consultant, offers her extensive experience in fraud risk management