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Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 3rd Edition Hardcover – May 5, 2010
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About the Author
Howard Schilit, Ph.D., CPA, is the founder and chief executive officer of Schilit Forensics LLC. Dr. Schilit is a pioneer in the field of detecting accounting tricks in corporate financial reports that mislead investors. 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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Top customer reviews
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Very clear graphics to follow.
Very clear break down of how companies manage money inappropriately.
Easy to follow and actually a fun read from a typically dull subject.
If anything the only two downsides from this book are below:
The transitions between sections and sub sections are repetitive, and a little annoying.
The author occasionally talks down to the reader, and I think this is unintentional.
The overall content, author knowledge, and easy to read breakdown of accounting gimmicks gets a 5 from me.
Accounting fraud has gone beyond Enron, though using similar concepts, such as off - balance sheet accounting. But we are in a brave new world of derivatives, Repo 105, and other sophisticated accounting gimmicks that now amount to trillions of dollars worldwide. This debt is not accounted for in companies, investment banks, and brokerages but they are there, creating massive instability in the financial world. I would have liked to have seen more on the the advancing post 2008 accounting frauds, and how banks and insiders continue to cover their financial misdeeds in this manner. This seems like the final phase of accounting fraud, where the entire system is now jeopardized. Now we are seeing accounting fraud affect and destroy entire markets as financial managers especially "up the ante" in their boldness for committing these crimes, and I would like to see these shenanigans covered from the technical aspects of accounting in this brave new world of massive fraud.
Unfortunately as schemes get more elaborate, more revised versions of the book will be required in the future. This is required reading for CPAs, financial professionals and investors who are serious about understanding the numbers and identifying red flags.
In addition, it is intelligently written, and easy to follow and comprehend. More specifically, it also employs humor in a smart, witty manner. It does a great job of drawing in readers who appreciate reading up-to-date, practical accounting/finance material they can apply to their professions (outside of academia). Best of all, it isn't dry, but engaging!
I expect my copy will become worn and dog-eared within a short period of time, as this book has become my most trusted coworker and best companion at the office. I am looking forward to following these two authors and reading more of their upcoming work.
My personal opinion, of course, but perhaps more MBA's and senior executives ought to read this book and educate themselves! We're on to you, C-suite!
Brilliant, useful, and insightful! Well done! 10 out of five stars!