As the monetary cost of fraud escalates globally, and the ensuing confidence in financial markets deteriorates, the international demand for quality in financial statements intensifies. But what constitutes quality in financial statements? This book examines financial statement fraud, a topical and increasingly challenging area for financial accounting, business, and the law. Evidence shows that accounting amalies in an organization's financial statements diminish the quality and serviceability of financial information. However, an amaly does t necessarily signal fraud. Financial statement fraud is intended to mislead shareholders and other stakeholders. In this book, elements that underpin diversity of accounting amalies likely found in fraudulent financial accounting statements are revealed. Multiple research methods are used in the analysis of selected international fraud cases, each illustrating examples of financial statement fraud, including: revenue recognition, overstatement and/or misappropriation of assets, understatement of expenses and liabilities, disclosure fraud, bribery and corruption. Additionally, the phoenix phemen with regard to fraud in financial accounting is investigated. Drawing on documented observations of commercial and legal cases globally this study highlights the necessity for continued development of financial audit practices and other audit services.
Julie Margret is Senior Lecturer in the Department of Accounting at La Trobe University, Australia. She is author of Solvency in Financial Accounting (Routledge, 2012). Geoffrey Peck is Principal in Deloitte's Forensic group, based in Melbourne, Australia. Prior to joining Deloitte in 2009, Geoffrey was a Director with another Big Four firm and also served for more than 21 years with the Victoria Police, including seven years as a Detective Sergeant with the Major Fraud Group. He is one of Deloitte's most experience risk management specialists and has undertaken risk management work extensively throughout the Asia Pacific region and the Middle East.
Geoffrey Peck, Julie E. Margret
Taylor & Francis Ltd
Date of Publication
Business, Accounting & Vocational: Textbooks & Study Guides
Routledge Studies in Accounting
Place of Publication
Country of Publication
1 black & white tables, 6 black & white line drawings