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Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 3rd Edition

Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 3rd Edition
Author: Howard Schilit - Jeremy Perler
ISBN 13: 9780071703079
ISBN 10: 71703071
Edition: 3rd
Publisher: McGraw-Hill Education
Publication Date: 2010-05-05
Format: Hardcover
Pages: 336
List Price: $38.00

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.

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.