Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports / Edition 3

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Overview

From the “ Sherlock Holmes of Accounting,”

the tools you need to stay a step ahead of the crooks

“Howard Schilit is the authority on forensic accounting. Financial Shenanigans is invaluable reading

for market participants seeking to identify deceptive behavior in company financial statements.”

Julian Robertson, legendary investor and founder, Tiger Management

“A must-read! The authors teach forensic financial statement analysis in an easy-to-digest format with

lots of war stories. Guaranteed to help investors in their quest

to avoid ticking time bombs in their portfolios.”

Marc A. Siegel, board member, Financial Accounting Standards Board

“This is a timeless guide to better understand how financial malfeasance can be spotted early.

Financial Shenanigans teaches all of us fraud-detection-made-easy.”

Jules Kroll, pioneering private investigator and founder of Kroll Associates and K2 Global

“Required reading for every investor who desires to avoid financial losses.

This new edition is a classic and better than ever.”

Thornton L. O’glove, author, Quality of Earnings

“If the original Financial Shenanigans was the Bible of detecting accounting frauds, then this latest

version is the Talmud of cooked books. Regulators, audit committee members, and business journalists

should be required to read this work if they are involved in public companies.”

Boris Feldman, partner, Wilson Sonsini Goodrich & Rosati, Palo Alto

“An incisive and entertaining review of the recipes used by corporations and executives to ‘cook the

books.’ It’s a must-read for investors, lawyers, corporate directors, and anyone else interested in the

integrity of the accounting and governance process.”

Joseph A. Grundfest, professor of law and business and codirector,

Rock Center on Corporate Governance, Stanford Law School

About the Book:

With major financial scandals popping

up in greater numbers—and with more

inevitably on the way—it has never been more

important for you to understand what dishonest

companies do to trick investors.

Since the early 1990s, Financial Shenanigans

has been helping investors unearth deceptive

financial reporting at the most critical time—

before they suffer major losses.

Now, the third

edition broadens its focus to include the newest,

most sophisticated techniques companies

use to mislead investors.

Referred to as the “Sherlock Holmes of

Accounting” by BusinessWeek, Howard Schilit

and renowned forensic accounting expert

Jeremy Perler take you deeper into the corporate

bag of tricks, exposing new levels of

accounting gimmickry and arming you with

the investigative tools you need to detect:

  • Earnings Manipulation Shenanigans: Learn

    the latest tricks companies use to exaggerate

    revenue and earnings.

  • Cash Flow Shenanigans: Discover new techniques

    devised by management that allow it to

    manipulate cash flow as easily as earnings.

  • Key Metrics Shenanigans: See how companies

    use misleading “key”metrics to fool investors

    about their financial performance.

Financial Shenanigans brings you completely

up to date on accounting chicanery in the global

markets, shining a light on the most shocking

frauds and financial reporting miscreants.

This insightful, detailed guide written by recognized

experts on the subject provides the

knowledge and tools you need to spot even the

most subtle signs of financial shenanigans.

Read More Show Less

Product Details

  • ISBN-13: 9780071703079
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 4/14/2010
  • Edition number: 3
  • Pages: 304
  • Sales rank: 157,855
  • Product dimensions: 6.42 (w) x 9.34 (h) x 1.13 (d)

Meet the Author

Howard Schilit, Ph.D., CPA, is the founder

and chief executive officer of the Financial

Shenanigans Detection (FSD) Group, LLC. Dr. Schilit is a pioneer in the field of detecting accounting tricks in corporate financial reports that mislead investors. He is the author of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, now in its 3rd Edition. Howard was the founder and CEO of CFRA, a global forensic accounting research organization. He has been a leading spokesman before the US Congress, the SEC, and global media outlets about the causes and early warning signs of accounting tricks in public filings. Dr. Schilit began his career as an Associate Professor of Accounting at American University and continues to teach and lecture all over the world. Dr. Schilit holds his doctorate in Accounting from the University of Maryland.

Jeremy Perler, CFA, CPA, is the Director of Research at Schilit Forensics and co-author of Financial

Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports (3rd edition, 2010). Previously, Jeremy served as the in-house Forensic Accounting Analyst for CoatueManagement, a long/short equity hedge fund; Director of Research for CFRA; and auditor for PricewaterhouseCoopers. In addition, Mr. Perler serves on the FASB's Financial Accounting Standards Advisory Council (FASAC) as a representative of the Investor Community. Jeremy holds a Master of Accounting and a BBA from the University of Michigan Ross School of Business.

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Sort by: Showing all of 4 Customer Reviews
  • Anonymous

    Posted November 10, 2004

    How To Spot A Scoundrel

    Well written, with easy to follow examples, this book is a treasure. Even if - like me - you work on Wall Street and are already conversant with financial statements, this book is well worth your time and effort. The $20 you spend on it might very well save you and your clients a fortune.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted February 29, 2004

    Packed with Knowledge!

    Author Howard Schilit writes in surprisingly plain English, and provides the reader with a toolkit to determine what¿s so rotten in Denmark ¿ or on Wall Street. You don¿t have to be an experienced reader of financial reports to learn a lot from this book. Schilit offers more than theory; he provides specific examples and case studies. Learn about the manager who reduced future expenses by purchasing $12 million worth of advance postage metering at the end of the year. Find out how ¿Chainsaw Al¿ Dunlop drove up the price of Sunbeam stock by creating a $35 million reserve, all while laying off 11,000 employees. Learn the inside story of how Enron became the poster child for corporate wrongdoing. We highly recommends this book to independent investors, and anyone else who needs to understand how unethical execs cook the books. It may not save you from losing a bundle, but at least you won¿t feel like you¿re in a battle of wits and devoid of weaponry.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted November 16, 2011

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  • Anonymous

    Posted March 17, 2011

    No text was provided for this review.

Sort by: Showing all of 4 Customer Reviews

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