Financial Fraud Prevention and Detection Governance and Effective Practices
Produktdetaljer
Biografisk notat
MICHAEL R. YOUNG is an internationally recognized expert on the causes and prevention of fraudulent financial reporting. He is the author of the Financial Reporting Handbook and Accounting Irregularities and Financial Fraud and has been recognized by Accounting Today as one of the top 100 most influential people in accounting. Young speaks throughout the country on financial reporting issues and has appeared on Fox Business, CNBC, CNN, and BNN (Canada). He lives in New York City and is a partner of Willkie Farr & Gallagher LLP where he chairs the firm’s securities litigation and enforcement practice.
In the wake of highly publicized allegations of accounting irregularities and fraudulent financial reporting that are shaking up today's corporate community, Financial Fraud Prevention and Detection provides a step-by-step guide to how these crises can envelop a company and how to prevent them from happening in the first place. It is written for almost everyone involved: outside directors, audit committee members, senior executives, CFOs, CPAs, in-house lawyers, and outside law firms.
- Provides a blueprint for Fraud Prevention and Detection for corporate executives
- Presents step-by-step guidance to corporate boards and C-suite executives on managing the threat of accounting fraud
- Prepares directors and executives for the possibility of accounting irregularities
- Answers the question of how accounting fraud starts—and grows
With solid strategies for prevention of accounting fraud as well as a process to follow when fraud has been discovered, Financial Fraud Prevention and Detection vividly explores the corporate environment that causes fraud, how it spreads, the kind of crises it can create for a company, and the best ways to deal with it.
Preface ix
Acknowledgments xi
Table of Exhibits xiii
PART I: ORIGIN
Chapter 1: The Origin of Financial Fraud 3
Chapter 2: The Path to Corruption 19
PART II: PREVENTION
Chapter 3: From Treadway to Sarbanes-Oxley 41
Chapter 4: The Sarbanes-Oxley Act 59
Chapter 5: The Audit Committee 81
Chapter 6: In the Crosshairs: The Chief Executive Of cer 121
PART III: DETECTION
Chapter 7: Detection and Its Aftermath 133
Chapter 8: Investigating Financial Fraud: Objectives
and Approach 149
Chapter 9: Finding the False Numbers 161
Chapter 10: Getting a New Audit Report on the
Financial Statements 175
Chapter 11: The Securities and Exchange Commission 203
Chapter 12: Criminal Investigations 223
Chapter 13: Class Action Lawsuits 245
PART IV: THE FUTURE
Chapter 14: The Future of Financial Reporting 265
About the Author 279
Index 281
Financial fraud is devastating to a company on many levels. Financial losses are only the beginning. Board members may find their reputations ruined. Executives may end up in prison. The company brand can take years to recover. Creating a corporate infrastructure that minimizes opportunities for financial fraud along with a company culture that works to keep employees in line will help ensure that fraudulent financial reporting never darkens your corporate doorstep. Financial Fraud Prevention and Detection shows you how to prevent and detect financial fraud with concrete, practical advice that is readable and action-oriented.
Author Michael Young, a recognized authority on accounting fraud, exposes the types of corporate environments that can incite fraud, allow it to fester, and ultimately create a crisis for a company. He also describes the best ways to extinguish the subsequent fires and efficiently get past the scandal. Brimming with expert advice, Financial Fraud Prevention and Detection explores:
- How fraud begins
- The path to corruption
- Corporate governance blunders
- The benefits and limitations of the Sarbanes-Oxley Act
- Efficient recovery after fraud detection
- The SEC and Department of Justice
Financial Fraud Prevention and Detection also provides innovative approaches to financial reporting that relieve the pressure to exaggerate financial results and stop financial fraud from ever happening.
A road map for fraud prevention and detection for corporate executives, board members, auditors, and investors, Financial Fraud Prevention and Detection is your protective armor in the battle against financial fraud.
Produktdetaljer
Biografisk notat
MICHAEL R. YOUNG is an internationally recognized expert on the causes and prevention of fraudulent financial reporting. He is the author of the Financial Reporting Handbook and Accounting Irregularities and Financial Fraud and has been recognized by Accounting Today as one of the top 100 most influential people in accounting. Young speaks throughout the country on financial reporting issues and has appeared on Fox Business, CNBC, CNN, and BNN (Canada). He lives in New York City and is a partner of Willkie Farr & Gallagher LLP where he chairs the firm’s securities litigation and enforcement practice.