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Financial Statement Fraud

Strategies for Detection and Investigation

Financial Statement Fraud by Gerard M. Zack
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Although financial statement fraud is the least frequently encountered fraud, it is by far the most costly, at a median loss of $1 million per case. Yet, the indirect losses from financial statement fraud—jobs, support, morale, and loyalty—are also significant and almost impossible to measure. Learn how to spot the warning signs before the damage is done. Financial Statement Fraud explores the many different methods of perpetrating financial statement fraud, the accounting principles that are exploited, and the methods to detect and prevent fraud in any organization.

Assuming an understanding of basic financial statements and the purpose each serves, as well as basic accounting concepts, author Gerard Zack highlights the many different types of fraud schemes. Financial Statement Fraud provides auditors, fraud investigators, government agencies, and investment analysts with detailed descriptions of the most common or emerging schemes involving the preparation and issuance of fraudulent financial statements.

Filling the need for practical guidance on financial statement fraud and the roles and responsibilities within companies, Financial Statement Fraud features:

  • References to pertinent U.S. and international accounting standards violated in the preparation of fraudulent financial statements
  • A wide range of detection tools, from the simplest of ratios to complex analyses and tests, as well as fraud indicators
  • A comprehensive, global approach that includes U.S. GAAP and IFRS
  • Red flags and ratios to help you detect financial statement fraud schemes
  • Coverage of auditor liability: when is an auditor liable for failing to detect fraud?
  • Real-world cases that illustrate many of the fraud schemes featured throughout the book

A companion website includes copies of SEC Accounting and Auditing Enforcement Releases (AAERs), complaints that were filed, and various other documents associated with most of the cases cited in the book. These documents provide all of the details associated with each case, enabling researchers to perform their own analysis to more fully understand the schemes and relate them to the detection tips provided in the book.

Financial statement fraud can cost an organization more than just revenue. Arm yourself with the knowledge to identify where it happens, when to expect it, and how to detect it with the expert guidance found in Financial Statement Fraud.

Wiley; November 2012
320 pages; ISBN 9781118421475
Read online, or download in secure EPUB or secure PDF format
Title: Financial Statement Fraud
Author: Gerard M. Zack
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