Summary of What Every Investor Needs to Know About Accounting Fraud

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What Every Investor Needs to Know About Accounting Fraud book summary
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Rating

8 Overall

10 Applicability

6 Innovation

8 Style

Recommendation

Author Jeff Madura provides an excellent short guide through the perilous territory of financial statement analysis. Wasting no words, he presents all the average individual investor absolutely needs to know about corporate financial reports. He tells you why you shouldn’t trust them, and then shows you how to apply a skeptic’s perspective to figuring out what reported numbers really mean. The market for investment books is a crowded one, but this is a standout: a thoroughgoing and systematic combination of curiosity, knowledge and prudent suspicion. getAbstract.com highly recommends this book to all investors. Before you climb into the investors’ ring, carefully consider the advice that referees give boxers before a bout: Protect yourself at all times.

In this summary, you will learn

  • Why you should not trust financial statements; and
  • What to look for to avoid becoming a victim of corporate fraud.
 

About the Author

Jeff Madura is the SunTrust Professor of Finance at Florida Atlantic University and author of the textbooks International Financial Management and Financial Markets and Institutions.

 

Summary

Scandal
The recent plague of corporate accounting and reporting scandals gave many investors the willies — and that's good. P.T. Barnum supposedly said a sucker is born every minute, but the pace of life was a lot slower in his day. The accounting system is so complex and investors are...

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