PDF Ebook Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition, by Howard Schilit
PDF Ebook Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition, by Howard Schilit
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Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition, by Howard Schilit
PDF Ebook Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition, by Howard Schilit
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Review
"Regulators, outside auditors and investors should all keep a copy handy." -- Barron's, October 2002
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From the Back Cover
"Regulators, outside auditors and investors should all keep a copy handy."—Barron's Secrets for Protecting Yourself—and Your Investments—from Today's New Breed of Financial Schemes and Scams Inflated profits ... questionable write-offs ... hidden expenses ... These and other dubious financial maneuvers have become more widespread, and harder to detect, as companies pull out the stops to satisfy Wall Street. Financial Shenanigans, 2nd Edition, describes how investors and analysts can use today's state-of-the-art tools and tactics to decipher convoluted financial reportsand identify early warning signs that a company is in trouble. Praise for previous editions of Financial Shenanigans... "Is there any way an ordinary investor can protect against being torpedoed by financial scams and gimmicks? ... The answer lies in investors, large and small, becoming more skeptical and informed consumers of glowing financial reports, and efforts like Schilit's may help us get there." —Louis Rukeyser "Financial Shenanigans is must reading for every investor who desires to avoid financial losses created by the mine fields associated with 'generally accepted accounting principles.'" —Thornton L. O'glove, Publisher, Quality of Earnings Report "Deftly guides analysts through the obstacle course which financial statements can present. Financial statement users will find that study of the many examples and case studies presented in this work will greatly aid their financial task." —Leopold A. Bernstein, Author, Financial Statement Analysis: Theory, Analysis, and Interpretation "Indispensable to investors who are so often victimized by 'cooked books,' as well as those attorneys, forensic accountants, and government regulators whose work involved the discovery and pursuit of financial statement fraud." —William S. Lerach, Partner, Milberg Weiss Bershad Specthrie & Lerach Today's tumultuous corporate and financial markets and blinding new technologies combine to make accounting fraud much more high-impact and difficult to detect than in the past. As an investor or decision-maker, you must arm yourself with the latest investigative tools and techniquesor run the daily risk of falling prey to these increasingly complex, costly scams and schemes. Financial Shenanigans, 2nd Edition, helps you fight fire with fire, giving you the state-of-the-art weapons you need to identify warnings of a company's problems before earnings come out and the damage becomes irreversible. Detailing the seven fundamental tricks that companies have used to fool auditors and investors for decades, yet providing updated information and techniques on how these shenanigans are being used in today's technologically advanced, financially savvy investment world, this fast-paced book provides updated explanations of how anyone can uncover and sidestep: Revenue tricks—Side agreements lacking economic substance, investment income listed as revenue, release of revenue improperly "held back" before a merger, and more Expense traps—Shifting of current expenses to an earlier period, costs amortized too slowly, impaired assets not written down, and others Liability scams—Failure to record expenses and their related obligations, creation of sham rebates, reducing liabilities by changing accounting assumptions, and more Also included in this one-of-a-kind primer are recommendations of oversight committees charged with investigating questionable financial practices. Insights are provided into history's most well-known and financially devastating fraudsincluding the all-too-familiar warning signs behind this decade's massive Enron debacle. Numerous checklists, graphs, tables, and an accounting tutorial appendix make in-depth explanations both clear and accessible, even for those with little or no background in accounting or financial analysis. Though much has changed in today's business world, dishonest company executives will still stretch and even hide the truth in their search for faster revenue growth, attractive balance sheets, and higher stock prices. Financial Shenanigans digs deep into both the age-old psychology and up-to-the-minute tactics of corporate greed, and provides a step-by-step procedure for looking into a company's black-and-white financials to protect your investmentwhile you still have an investment to protect.
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Product details
Hardcover: 296 pages
Publisher: McGraw-Hill; 2 edition (March 1, 2002)
Language: English
ISBN-10: 0071386262
ISBN-13: 978-0071386265
Product Dimensions:
6.3 x 1.2 x 9.3 inches
Shipping Weight: 1.7 pounds (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
38 customer reviews
Amazon Best Sellers Rank:
#334,097 in Books (See Top 100 in Books)
Gives a good overall list of things to be on the lookout for when a company/management looks to hide things in order to improve the perception of the company's financials. It also goes into a good amount of detail as to how to identify the issues.My only criticism is that on a few of the things to look out for, and the examples given, there really is and was no way for investors to have any knowledge as to what was taking place. To be successful in this game of being a sleuth, there must be clues which you can follow to lead to the correct conclusion - or at least say it is questionable enough that you do not want to invest. If management is doing a good job of hiding what is taking place, they may not have left any clues and by the time the clues do appear, it may be too late. However, that does not take away from the thrust of the book, and the excellent job author did in presenting the material.
Toby Lucich in his September 2004 review lays out the Shenanigans well and will admit that dean from sa's June 2004 review is correct that the author does give a fair amount of self promotion to his CFRA service. (He did return my email when I asked about the service, as it did pique my curiosity. I wasn't interested in spending $300/M as an individual for it.)He does provide a warning on what to learn about Enron. Here is a quote: "Investors should be wary whenever a company dramatically changes its business model, particularly from one easily understood by investors to another, far more obtuse and difficult to evaluate and monitor. Moreover, investors should assume the use of special purpose entities, and other off-balance-sheet entities can be used to create phantom profits and hide liabilities. The absence of detailed disclosure about such entities raises additional red flags."He provides a tutorial at the end of the book to give an understanding of the basics of financial reporting.In an easy to read format, the author does a very good job of explaining the concepts and this book would be very helpful to anyone interested in improving their F&A savvy.
The great thing about this book: not only will you learn about accounting prestidigitation from the world's expert in this subject (Schilit's forensic accounting firm, the CFRA, is used by hedge funds worldwide to find problem companies), you can actually learn pretty much all there is to know about corporate accounting and financial statements. I found his explanations tremendously lucid; easily understood by an intelligent person who can add, subtract, multiply and divide. What is more; he made accounting not only accessible, but also somewhat exciting; not an adjective that generally describes accounting. He makes finding the cheating companies a jolly detective game of "spot the weasel!"Who should read this? If you are a serious investor; someone who treats investments like something other than gambling, this is an absolute must. I'm not talking about speculators; you can speculate well without this stuff (though you can speculate better with it), but for investors you can't afford to be without it. This will teach you how to read a company statement, and a 10-k. Even those who have a more casual interest in investing or business will likely find this an amusing and rewarding read.
FINANCIAL SHENNANIGANS How to Detect Accounting Gimmicks & Fraud in Financial Reports 2nd Edition - Howard SchilitFormer SEC Chairman Arthur Levitt once noted that the investment markets exist through the "grace" of investors. That grace is a fragile trust easily undermined by intentional distortions of the financial performance of publicly reporting companies. Those distortions that erode investor confidence are author Howard Schilit's 'Shenanigans'. The infractions described range from benign to aggressive to outright fraudulent and Schilit is always ready with the specifics of companies who have demonstrated an excess of creativity in their arithmetic. It should be said that the information in this book is very accessible to the non-accountant. This is an illuminating read. A brief accounting tutorial in the Appendix is almost worth the price of admission. Serious investors should read this book. The "seven financial shenanigans" Schilit discusses at length are painfully familiar to portfolio owners. They are clearly explained and amply exampled. Reading this book may or may not provide an investor with the expertise to prevent a future mistake, but it will certainly add to an appreciation of the seriousness of issues as they surface in the financial media.
This book is very through. It assumes that you have some background in accounting or finance. I do not, I am an average person who has never taken an accounting class or business class in my life but I'm able to follow the author. Schlit writes in an effective manner that keeps you involved and interested in what he's talking about. He also gives you hints and clues to follow when you are reading a financial statement. He tells you what to look for and what that may imply. This is a must have for any investor. If you have ever had any misgivings or questions about a corporation's management and accounting, this book will provide you with the tools to sniff out the shenanigans on your own. Well written, interesting and very insightful.
As a college-level lecturer in Forensic Accounting, I seriously considered using this book, but decided not to. While it is clearly the most readable book in the area of forensic accounting, it is lean on examples and does not include citations to the cases and other materials it describes.A far better, though more difficult, book on the narrow subject of financial fraud is The Financial Numbers Game: Detecting Creative Accounting Practices and a better book on Forensic Accounting generally is Forensic and Investigative Accounting (Third Edition).In any event, you'll be better off avoiding Fraud Examination (with ACL CD-ROM), which spends most of its time (i.e., your time) moralizing and psychoanalyzing those who commit fraud.
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