Financial Statement Fraud Prevention and Detection

Name: Financial Statement Fraud Prevention and Detection
Price: 5.7 USD
Availability: InStock
ISBN: 9780470455708

ISBN-10: 0470455705

ISBN-13: 9780470455708

Edition: 2nd 2009

Authors: Zabihollah Rezaee, Richard Riley

List price: $57.50

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Book details

List price: $57.50
Edition: 2nd
Copyright year: 2009
Publisher: John Wiley & Sons, Limited
Publication date: 10/23/2009
Binding: Hardcover
Pages: 352
Size: 6.10" wide x 8.90" long x 1.30" tall
Weight: 1.188
Language: English

Zabihollah Rezaee, CPA, CFE, CIA, is the Thompson-Hill Chair of Excellence and Professor of Accountancy at the University of Memphis. Professor Rezaee served on the Standing Advisory Group of the Public Company Accounting Oversight Board (PCAOB) and has published over 160 articles in a wide variety of accounting and business journals, including several SOX-related articles and five books.



Foreword


Preface


Acknowledgments



Financial Reporting and Financial Statement Fraud



Financial Statement Fraud Defined


Will History Repeat Itself?


A Closer Look


Definition of Financial Statement Fraud


Nature of Financial Statement Fraud


High-Impact Fraud Cases


Cost of Financial Statement Fraud


Fraud Studies and Regulatory Responses


Antifraud Programs


Occurrence, Prevention, and Detection


Lessons Learned and Applications for Practice


Notes



Financial Reporting Structure


Introduction


Financial Reporting System


Importance of Financial Information


Annual Financial Reporting Requirements


High-Quality Financial Reports


Six-Legged Stool of the Financial Reporting Process


Corporate Financial Reports


Corporate Reporting Challenges


Financial Restatements


Fair Value


Stock Options Accounting


XBRL-Generated Financial Reports


Antifraud Applications for Practice


Notes



Financial Statement Fraud Profile, Taxonomy, and Schemes



Cooking the Books Equals Fraud


Introduction


Why Does Financial Statement Fraud Occur?


Profile of Financial Statement Fraud


Waste Management, Inc.: Financial Statement Fraud Analysis


Antifraud Applications for Practice


Notes



Realization, Prevention, and Detection


Introduction


Realization


The 3Cs Model


Financial Statement Fraud Prevention


Financial Statement Fraud Detection


Correction Procedures


Prevention, Detection, and Correction Strategies


Antifraud Applications for Practice


Notes



Taxonomy and Schemes


Introduction


Symptoms of Financial Statement Fraud


Common Fraud Schemes


Common Revenue Fraud Schemes


Financial Statement Fraud Red Flags


Whistle-blower Regulations


Antifraud Applications for Practice


Notes



Corporate Governance and Its Role in Preventing and Detecting Financial Statement Fraud



Role of Corporate Governance


Introduction


Definition of Corporate Governance


Role of Corporate Governance


Corporate Governance Structure


Characteristics of Corporate Governance


Corporate Governance Functions


Global Corporate Governance


Antifraud Applications for Practice


Notes



Board of Directors' Oversight Responsibility


Introduction


Role of the Board of Directors


Composition of the Board of Directors


Functions of the Board of Directors


Attributes of Boards of Directors


Antifraud Applications for Practice


Protocol: A Plan for Reaction to Allegations of Misconduct


Notes



Audit Committees and Corporate Governance


Introduction


Audit Committee


Audit Committee Attributes


Audit Committee Roles and Responsibilities


Audit Committee Charters


Chairperson of Audit Committees


Audit Committee Report


Audit Committee Roles in Preventing and Detecting Financial Statement Fraud


Antifraud Applications for Practice


Notes



Management Responsibility


Introduction


Management Financial Reporting Responsibilities


Management's Role in Financial Statement Fraud Prevention and Protection


Management Motives and Incentives


Management Override of Internal Control


Gamesmanship


Risk Management


Antifraud Applications for Practice


Notes



Role of the Internal Auditor


Introduction


Internal Auditors and Corporate Governance


Internal Auditors' Responsibilities


Internal Audit Fraud Standards


Efficacy of Internal Audit in Financial Statement Fraud Prevention and Detection


Cooperation between External and Internal Audit


Internal Audits and the Audit Committee


Internal Control


Antifraud Applications for Practice


Notes



Role of External Auditors


Introduction


Independent Audit of Financial Statements


Independent Auditor and Financial Statement Fraud


Independent Audit and Internal Control


Report on Internal Controls


Fraud Detection Audit Procedures


Materiality Guidance


Risk Factors of Financial Statement Fraud


Communication of Fraud


Antifraud Applications for Practice


Notes



Governing Bodies


Introduction


Role of Regulation in Corporate Governance


Sarbanes-Oxley Act of 2002


Securities and Exchange Commission


SEC's Regulation Fair Disclosure


Financial Fraud Detection and Disclosure Act of 1992


Private Securities Reform Act of 1995


SEC and Financial Statement Fraud


SEC Fraud Prevention Activities


SEC Fraud Detection Activities


SEC Fraud Enforcement Activities


Role of the Financial Accounting Standards Board


Antifraud Applications for Practice


Notes



Digital (Computer) Approaches to Fraud and Forensic Accounting



Fraud in a Digital Environment


Introduction


Digital Economy


Electronic Commerce


Changes in Business Environment


Electronic Financial Reporting


Antifraud Applications for Practice


Notes



Fraud Examination Practice, Education, and Research


Introduction


The Interrelationship: Auditing, Fraud Examination, and Forensic Accounting


Forensic Accounting Practice


Fraud Examination


Certification in Financial Forensics


Training Competent and Ethical Fraud Examiners and Forensic Accountants


Fraud Examination and Forensic Accounting Education


Role of Research in a Profession


Antifraud Applications for Practice


Notes


Appendix: Summary of Six Recent Fraud Studies


About the Authors


Index