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Best Sellers | | |  | |  | | | Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition | | SKU:
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| | Product Details | | Author: | Howard M. Schilit | | Hardcover: | 240 pages | | Publisher: | McGraw-Hill | | Publication Date: | March 01, 2002 | | ISBN: | 0071386262 | | Package Length: | 9.3 inches | | Package Width: | 6.3 inches | | Package Height: | 1.3 inches | | Package Weight: | 1.35 pounds | | Average Customer Rating: |  based on 36 reviews |
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| | Customer Reviews | Average Customer Review:
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0 of 1 found the following review helpful:
 Not the Best, But Good Jul 05, 2008
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.
 good book Apr 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 Dec 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 Nov 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.
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.
3 of 3 found the following review helpful:
Learn about accounting legerdemain Apr 04, 2007
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.
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