Called to Account Financial Frauds that Shaped the Accounting Profession

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 16 of the most audacious accounting frauds of the last 80 years, and identifies the accounting standards and legislation adopted as a direct consequence of each scandal. This third edition offers expanded coverage of the Global Financial Crisis and international auditing. While retaining favorite chapters exposing the schemes of "Crazy Eddie" Antar, "Chainsaw Al" Dunlap, and Barry "the Boy Wonder" Minkow, new chapters describe the accounting problems at Lehman Brothers, Colonial Bank, and Olympus. 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, Called to Account is the ideal companion for classes in auditing, fraud examination, advanced accounting, or professional responsibilities.

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

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.