Book review: Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

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Book review: Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

book review financial shenanigansFinancial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports is a book that elaborates on various sneaky ways corporations deceive investors. In general, these dirty tricks were used to cover consequential problems in the company’s business, such as slowing down sales, contraction of profit margins, or declining cash flow.

The book, written by Howard M. Schilit, takes real-life cases and situation approaches and is divided into six parts. Part one explores the infamous financial scandals of the moguls such as World.com, Enron, Waste Management Inc., and CUC. Parts two, three, four, and five unravel the tricks and gimmicks used by corporations to show an improved performance, and the strategies and methods that investors can use to detect their gimmicks.

Part six highlights case studies of companies that conducted various shenanigans to hide their business problems from investors. The first two company profiles are Hertz Global and Toshiba Corporation. The third company is Valeant Pharmaceuticals.

Howard M. Schilit himself is an international leader in forensic auditing and corporate governance. He is also the founder and CEO of Financial Shenanigans Detection Group, LLC. Schilit is a prominent spokesperson before the Congress, SEC, and media outlets when it comes to causes and early warning signs of accounting tricks in public filings.

This book is strongly recommended for investors, accountants, executives, corporate managers, anti-fraud enthusiasts, and practitioners.


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