Hidden Financial Risk by J.Edward Ketz

Hidden Financial Risk by J.Edward Ketz

Description

An internal guide to understanding and eliminating accounting fraud
How do these high-profile accounting scandals occur and what could have been done to avoid them? Hidden Financial Risk fills that gap by examining methods for off-balance sheet accounting, with a particular emphasis on special purpose entities (SPE), the accounting trick of choice at Enron and other besieged companies. J. Edward Ketz identifies incentives for managers to mislead investors and creditors about financial risk and also shows investors how to protect their investments in a world full of accounting and audit fraud.
J. Edward Ketz, PhD (State College, PA) is an MBA Faculty Director and Associate Professor of Accounting at Penn State Smeal College of Business. He has been quoted in the press nearly 300 times since Enron’s bankruptcy, including The New York Times, The Wall Street Journal, and The Washington Post. It has a regular column in Accounting Today.

Table of Contents

Preface.

PART I. MY INVESTMENTS ARE GONE!

Than? Another accounting scandal?
Balance of problems.

PART II HIDING THE FINANCIAL RISK.

How to hide the debt with the equity method.
How To Hide Debt With Lease Accounting.
How to hide debt with pension accounting.
How to hide debt with special purpose entities.

PART III. FAILURES THAT LEAD TO DECEPTIONS.

The failure of managers and directors.
The failure of the audit profession.
The failure of regulation.
Investor failure.

PART IV. MAKE THE FINANCIAL REPORTS CREDIBLE.

Chapter 11. Andersen has the solution, seriously!

Bibliography.

Index.

Author information
EDWARD KETZ, PhD, is an MBA Faculty Director and Associate Professor of Accounting at Penn State Smeal College of Business. He has been quoted in the press more than 500 times since the Enron bankruptcy, and is well known as an accounting expert, as evidenced by writings, great quotes in the press and on television, including the New York Times, Wall Street. Journal and the Washington. Send. His “Accounting Notes” column is published in Accounting Today and his “Accounting Cycle: Wash, Rinse, and Spin” column appears regularly on SmartPros.com. He is also the author of Bridge Accounting: Procedures, Systems and Controls (Wiley).

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