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Financial Shenanigans

Financial Shenanigans How to Detect Accounting Gimmicks & Fraud in Financial Reports, Third Edition

Author: Howard Schilit; Jeremy Perler
Publisher: McGraw Hill
ISBN: 9780071703079
Published In: April 2010
Format: Hardback , 304 pages
Jurisdiction: U.S. ? Disclaimer:
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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 Shenaniganshas 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” byBusinessWeek, 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.

Features:
- First 2 editions (1993, 2002) have sold about 80,000 copies
- Schilit is a highly regarded forensic accountant and fraud investigator
- Schilit will re-activate his high media profile based on years of strong press relations
- Schilit speaks about 6-10 times a year globally. Has been a speaker for the CFA Institute for the past 15 years.
- A classic that will backlist for years, well after Madoff story over
- Includes detailed checklists and red flags
- Co-author Jeremy Perler is Co-Head of Research for RiskMetrics Group's CFRA Accounting Research product. Perler is both a CPA and a CFA Charterholder
- To be promoted alongside new title, Investing Shenanigans
Howard Schilit, Ph.D., CPA, is the founder and chief executive officer of the Financial Shenanigans Detection (FSD) Group, LLC, which alerts its clients to accounting chicanery. Previously he founded the Center for Financial Research and Analysis (CFRA). Smart Money magazine twice selected him as one of the “Power 30” of investing.

Jeremy Perler, CFA, CPA, is codirector of research of RiskMetrics Group’s forensic accounting research boutique (formerly CFRA). RiskMetrics is a global leader in risk management, corporate governance, and financial research services. Mr. Perler is frequently featured at industry conferences and training seminars, as well as in media outlets such as Barron’s, BusinessWeek, The Wall Street Journal, and CNBC.
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 Shenanigansteaches 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