Financial Shenanigans: How to Detect Accounting Gimmicks Fraud in Financial Reports, Second Edition | 
| Author: Howard M. Schilit
Publisher: McGraw-Hill
Category: Book
List Price: $34.95
Buy New: $19.02
You Save: $15.93 (46%)
New (48) Used (26) from $18.55
Avg. Customer Rating:  36 reviews
Sales Rank: 4238
Media: Hardcover
Edition: 2
Number Of Items: 1
Pages: 240
Shipping Weight (lbs): 1.4
Dimensions (in): 9.3 x 6.3 x 1.3
ISBN: 0071386262
Dewey Decimal Number: 657.3
UPC: 639785334552
EAN: 9780071386265
ASIN: 0071386262
Publication Date: March 1, 2002
Availability: Usually ships in 1-2 business days
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Product Description
Techniques to uncover and avoid accounting frauds and scams PInflated profits . . . Suspicious write-offs . . . Shifted expenses . . . These and other dubious financial maneuvers have taken on a contemporary twist as companies pull out the stops in seeking to satisfy Wall Street. Financial Shenanigans pulls back the curtain on the current climate of accounting fraud. It presents tools that anyone who is potentially affected by misleading business valuationsfrom investors and lenders to managers and auditorscan use to research and read financial reports, and to identify early warning signs of a company's problems. A bestseller in its first edition, Financial Shenanigans has been thoroughly updated for today's marketplace. New chapters, data, and research reveal contemporary "shenanigans" that have been known to fool even veteran researchers.
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| Customer Reviews: Read 31 more reviews...
 Not the Best, But Good July 5, 2008
1 out of 2 found this review helpful
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.br /br /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).br /br /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.
 good book April 14, 2008
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.
Excellent primer on accounting fraud December 17, 2007
I recommend this book wholeheartedly to anyone who invests in individual stocks or who runs a business. This details many different ways to commit accounting fraud. Perhaps the best part of the book is that there are many detailed examples of each kind of fraud. Also, the book is highly readable and not dry at all. I could hardly put it down once I started.
Great summary of earnings manipulation tactics November 11, 2007
This is the best summary of major earnings manipulation techniques that I have seen to date (The appendix: "Comprehensive Checklist of Warning Signs" alone is worth the investment). As a practitioner, it wasn't as in-depth as I hoped it would be, but as others have noted, it is very well written, and has many brief, but interesting examples. The lack of depth is understandable because it allows the author to reach a much broader audience effectively. br /br /This book should be part of your investment library, and reviewed often, as it is so easy to overlook early signs of faltering performance from companies. Highly recommended.
Learn about accounting legerdemain April 4, 2007
3 out of 3 found this review helpful
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!"br /br /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.
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