Essentials of Corporate Fraud (Essentials Series) Paperback – 25 Feb 2008
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" presents an insider′s look at corporate fraud." ( The Business Journal of Milwaukee , 4/4/08)
From the Back Cover
Essentials of Corporate Fraud
Full of valuable tips, techniques, illustrative real–world examples, exhibits, and best practices, this handy and concise paperback will help you stay up to date on the newest thinking, strategies, developments, and technologies in corporate fraud.
"Tracy Coenen′s Essentials of Corporate Fraud is the perfect primer for executives and managers about this serious issue. Very well written."
Joseph T. Wells, CFE, CPA, founder and Chairman, Association of Certified Fraud Examiners
"Accountants, attorneys, businesspeople, HR folks, and consultants can all learn from Tracy Coenen′s expertise and easy–to–understand style. Want to make more money and make your life easier? Then READ THIS BOOK."
Gary Zeune, CPA, founder, The Pros & The Cons
Essentials of Corporate Fraud will challenge your concept of corporate fraud, providing an introductory look at fraud and the kinds of fraud that can occur in various areas of a company. Topics covered include:
People Who Commit Fraud
Fraud Detection and Investigation
Red Flags of Fraud
Asset Misappropriation, Bribery, and Corruption
Best Practices in Fraud Management
Financial Statement Fraud
The Future of Fraud
There is much work to be done by companies that want to reduce opportunities for fraud. Author and fraud expert Tracy Coenen presents an insider′s look at corporate fraud and equips you with real–world guidance for each stage, from detection and investigation, to prevention and warning signs, to educating employees in implementing policies and procedures specifically designed to prevent fraud.See all Product description
Top customer reviews
Most helpful customer reviews on Amazon.com
This book is not particularly long. And the margins are sizeable, and the line spacing is probably 2X. But it didn't have to be short. It could have easily been longer and felt more like a real book if lots and lots of real world examples had been interspersed throughout the text. Instead the content included was very dry and kind of boring.
Maybe I am being overly harsh by saying this book was boring. This may be because I am a former Big 8 CPA and an attorney who worked for one of the co-lead plaintiff law firms in the Tyco case that settled for $3 billion. (By the way, the Tyco case is mentioned in this book.) As a result of my training and work experience I am fairly well versed on securities fraud and understand the root causes of fraud and the most effective fraud prevention techniques. So there wasn't anything new for me in this book.
I would have liked this book better if the author's writing style had been tighter. Why did each of the chapters have both an introduction and summary? There was no need. Why were there so many footnotes? There was no need to spend time on surveys. Since the author is a CPA and certified as a forensic accountant, she could have made those surveys her own and presented the information from those surveys in a transparent way. Unfortunately, she didn't choose to do this.
I also would have liked the book better if the author had not cited so many stats and figures. I doubt the typical reader wanted to hear about all those numbers, and I know I didn't. The author could have cut to the chase for the reader and just stated the facts about fraud. But she didn't do it as succinctly as she could have. I think there should have been some in depth coverage of Internal Controls. And there weren't. But there was some coverage of Sarbanes Oxley (SOX) in the Fraud Prevention chapter.
All in all, I found this book to be dry and shallow. It just wasn't much fun to read. If it had included marvelous stories that enlightened and entertained, then things would have been different. 3.5 stars!
PS. The author has provided Search Inside material to Amazon for this book. Please examine the Table of Contents included with the Search Inside material to see what is actually covered in this book.
To describe my overall impression of the book I find that I must resort to analogies. The book is like Michael Jordan scoring 18 points or like me only making a 20% return on a stock I have sold short. It is good, and a worthy read, but it is not great. I had expected better. However, I did find the book to be a worthy primer on fraud. There are of course a couple reasons that the book did not live up to my expectations, neither really Tracy's fault: the book appears to be geared towards management types and it is an introductory book.
While being president of a small company, I am decidedly not a management-type; in fact, I would say that my IQ is about 2 standard deviations higher than the IQ of most managers (or at least people who read management books). The other problem is that this book is an introductory book. To someone who deals with messing up financial statements on a weekly basis (as bookkeeper of my company) and analyzing them on a daily basis (as a short seller), I am already familiar with many ways to defraud.
Despite not being wowed by the book, I found it to be a solid introduction to fraud. It was easily readable, not repetitive (unlike most books geared towards management), and it got me thinking. This book made me reconsider certain ways that my small company operated. Since reading it I have made changes to reduce the risk of fraud. For a book such as this, the best complement is to say that it was useful, and this book was a useful read for me.
While this book would be useful to many, it is decidedly not useful (nor does it pretend to be) to investors who only care about financial statement fraud. If you are a CPA, manager, or business owner who is not an experienced fraud fighter, this seems to be a good place to start, so you should buy the book.
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