Summary of Fraud in Financial Statements

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Fraud in Financial Statements book summary
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Rating

7 Overall

8 Applicability

7 Innovation

6 Style

Recommendation

Businesspeople, investors and regulators rely on a company’s package of financial statements as a map of its financial status. Organizations that deliberately present inaccurate portraits of their fiscal position damage everyone involved. Experts Julie E. Margret and Geoffrey Peck offer a comprehensive analysis of fraud in financial statements. They explore a broad range of areas, including the influence of organizational culture on the incidence of fraud. They also present comprehensive case studies that explain how managers and executives perpetrate deceptive practices. The authors pack a great degree of detail into this compact report, written for the involved professional, not the casual reader. getAbstract recommends their expertise to executives responsible for governance, compliance and reporting, and to financial analysts and journalists.

In this summary, you will learn

  • What causes financial statement fraud,
  • How executives’ short-term orientation can set the stage for deceit and
  • How financial statements can mislead.
 

About the Authors

Author of Solvency in Financial Accounting, Julie E. Margret is a senior lecturer in the Department of Accounting at La Trobe University, Australia. Risk management specialist Geoffrey Peck works with Deloitte’s forensic group in Melbourne, Australia.

 

Summary

Misrepresenting Facts
A finding that a company has issued fraudulent financial statements carries serious legal penalties. Many organizations fail when their frauds come to light, usually after they issue accounts that falsely show they’re functioning normally. Financial statements should...

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