Called to Account: Financial Frauds that Shaped the Accounting Profession

by Paul M. Clikeman

Overview

Called to Account traces the evolution of the global public accounting profession through a series of scandals leading to voluntary or mandated reforms. Ever entertaining and educational, the book describes some of the most audacious accounting frauds of the last 90 years, and identifies the accounting standards and legislation adopted as a direct consequence of each scandal.

While retaining favorite chapters exposing the schemes of "Crazy Eddie" Antar and Barry "the Boy Wonder" Minkow, this fourth edition includes new material describing the accounting problems at Carillion, Wirecard and Luckin Coffee. Students will learn that financial fraud is a global problem, and that accounting reform is heavily influenced by politics.

With discussion questions, and a chart mapping each chapter to topics covered in popular auditing textbooks, together with supplemental PowerPoints for instructors, Called to Account is the ideal companion for classes in auditing, fraud examination, advanced accounting, or professional responsibilities.

Product Details

ISBN-13:	9780429830785
Publisher:	Taylor & Francis
Publication date:	06/06/2019
Sold by:	Barnes & Noble
Format:	eBook
Pages:	322
File size:	1 MB

About the Author

Paul M. Clikeman, Ph.D., has been teaching undergraduate- and master’s-level auditing classes at the University of Richmond since 1995. Previously, he was an auditor and audit supervisor in the Chicago office of Deloitte Haskins & Sells (now Deloitte). Dr Clikeman is a Certified Internal Auditor and a Certified Fraud Examiner. He has published more than 30 articles about auditing, fraud examination, accounting education, and financial accounting. He also maintains the website http://auditeducation.info, which provides resources and advice for studying and teaching financial statement auditing.

Table of Contents

Introduction

1 Scandal and reform

PART I Birth of a profession

2 Out of darkness

3 Ivar Kreuger

4 McKesson & Robbins

5 Into the spotlight

PART II The profession’s principle problem

6 Generally accepted accounting principles

7 National Student Marketing

8 Equity Funding

9 Déjà vu

PART III The Savings & Loan crisis

10 It’s a wonderful life?

11 ESM Government Securities

12 Lincoln Savings & Loan

13 Bank robbers

PART IV The expectation gap

14 Auditors and fraud

15 ZZZZ Best

16 Crazy Eddie

17 Closing the gap

PART V Beginning of the end

18 Auditor independence

19 Waste Management

20 Sunbeam

21 End of the millennium

PART VI From profession to regulated industry

22 Professionalism

23 Enron

24 WorldCom

25 The perfect storm

PART VII There’s no place like home

26 Open house

27 Taylor, Bean & Whitaker

28 Lehman Brothers

29 The Great Recession

PART VIII The world is flat

30 It’s a small world

31 Parmalat

32 Olympus

33 As the world turns

34 Conclusion

Appendix A: Discussion questions

Appendix B: Suggestions for integrating Called to Account with popular auditing texts

Editorial Reviews

"Paul Clikeman is a wonderful storyteller who brings the characters in these fraud cases to life and describes the cycles of fraud and reform that have driven the development of accounting. My students and I love this book!" — Dana R. Hermanson, Dinos Eminent Scholar Chair, Kennesaw State University, GA

"Called to Account is my favorite accounting book. The clear and concise chapters are the perfect mix of accounting detail, colorful characters and intrigue. It’s a must read for those who want to understand where standards come from and where they might be headed next." — Brian W. Mayhew, Associate Dean of Undergraduate Program, Arthur Andersen Alumni, Professor, University of Wisconsin–Madison, WI

"Called to Account provides an outstanding, historical perspective on how financial frauds and other important events have shaped the U.S. accounting profession. And the individual case studies covering most of the largest frauds in recent history are both informative and enjoyable to read. As a supplement for an auditing textbook to bring more realism to particular issues, or simply as a great read on how the accounting profession has evolved to its present state, I highly recommend this excellent book." — Dennis Beresford, Executive in Residence, University of Georgia, and Former Chairman of FASB

"I have used prior editions of Called to Account for several years as an integral part of my undergraduate auditing course with outstanding results. The book is very engaging and serves as a starting point for a more in-depth research assignment on the individual cases. In addition to gaining an understanding of the accounting frauds, students develop a much deeper appreciation for the evolution of accounting and auditing standards and the many factors influencing that evolution. I will continue to use Called to Account and highly recommend it to others." — Gary J. Witosky, David M. Miller Endowed Chair of Accounting, Thiel College, Greenville, PA

From the Publisher