Called to Account: Fourteen Financial Frauds that Shaped the American Accounting Profession



Accounting fraud and how it has affected business practices both in the United States and internationally has never been of greater importance than it is now. "Called to Account" describes fourteen financial frauds that influenced the accounting profession and directly led to the development of accounting standards and legislation as practiced in the United States today. This entertaining and educational look at these historic frauds helps enliven and increase understanding of auditing and forensic accounting. 

Chapters describe the tricks fraudsters such as “Crazy Eddie” Antar and “Chainsaw Al” Dunlap used to fool their auditors. You will learn how MiniScribe employees disguised packages of bricks as inventory, how Equity Funding personnel programmed the company’s computer to generate 64,000 phony life insurance policies and how Enron inflated its profits by selling and then repurchasing money-losing assets.

Product Details

ISBN 978-0-415-99698-3
Hardcover, 345 PAGES

Table of Contents:

  • Chapter 1: Scandal and Reform
  • Chapter 2: Out of Darkness
  • Chapter 3: Ivar Kreuger
  • Chapter 4: McKesson & Robbins
  • Chapter 5: Into the Spotlight
  • Chapter 6: Generally Accepted Accounting Principles
  • Chapter 7: National Student Marketing
  • Chapter 8: Equity Funding
  • Chapter 9: Déjà Vu
  • Chapter 10: It's a Wonderful Life?
  • Chapter 11: ESM Government Securities
  • Chapter 12: Lincoln Savings & Loan
  • Chapter 13: Bank Robbers
  • Chapter 14: Auditors and Fraud
  • Chapter 15: ZZZZ Best
  • Chapter 16: Crazy Eddie
  • Chapter 17: Closing the Gap
  • Chapter 18: Auditors' Legal Liability
  • Chapter 19: Fund of Funds
  • Chapter 20: MiniScribe
  • Chapter 21: Litigation Reform
  • Chapter 22: Auditor Independence
  • Chapter 23: Waste Management
  • Chapter 24: Sunbeam
  • Chapter 25: End of the Millennium
  • Chapter 26: Professionalism
  • Chapter 27: Enron
  • Chapter 28: WorldCom
  • Chapter 29: The Perfect Storm
  • Chapter 30: Conclusion
  • Appendix A: Discussion Questions
  • Appendix B: Suggestions for Integrating Called to Account with Popular Auditing Texts