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.
Paul M. Clikeman (University of Richmond USA)
Country of Publication:
3rd New edition
17 July 2019
Further / Higher Education
A / AS level
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 Deja 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.
Reviews for Called to Account: Financial Frauds that Shaped the Accounting Profession
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