Book Description

The Payables Test Set presents a comprehensive list of objectives that every audit of the accounts payable function must meet. Tests are translated into computer-aided audit routines and fully documented, including flowcharts and source code. Within the menu-driven interface you can start doing necessary, worthwhile work within a few minutes of opening either book. Every application is open-ended: you can include additional batches, customize existing ones, create a new interface, whatever you wish.

Presented in a coil-bound 128-page manual showing actual code next to helpful programming tips, explanatory diagrams, tables and flowcharts. Compatible with Versions 7 and 8 of ACL for Windows. ... Read more

Reviews (1)

Enhance you Exception Reporting
I have worked as an operating CFO and division controller for large divisions of several Fortune 100 companies for over 15 years. Today my focus is on recovery auditing, mainly in the accounts payable area, as it is the most fruitful area for savings in an organization.

In my years of experience I have found that increased use of regular exception reporting on the integrity of transactions offers the best assurance that the reporting is accurate and that no "surprises" are lurking in the records. ACL software has become an invaluable tool to me for this use. I have monthly and quarterly exception reporting routines established. The reports provide me with areas of potential concern for further drill down analysis. The great thing about this routine is that it helps me to: (1) spot erroneous transactions that were merely keyed incorrectly; (2) enhance the profitability of our business; and (3) highlight areas of potential fraud for my review.

ACL Software offers numerous standardized tests that can be used with some training and development on your part. I have spent some time developing my own routines. But I don't have time to develop all the routines I want to use. It is just not the best use of my time. My company has purchased several "bolt-on" applications to work with ACL. These applications allow for quick start-up and they bring the expertise of the developer immediately to your tool box. Essentially, I have tools similar to those used by either our internal or external auditors. But I don't have to go through the extra efforts to compile the reports on an annual basis. I can see the results monthly and head off any problems that may be developing.

One such inexpensive bolt-on that I use consistently is the Payables Test Set for ACL by Richard B. Lanza. The bolt-on to ACL is only $200 and for that I get:
• All of the pre-written scripts (a.k.a. batches) in ACL;
• A menu system in ACL to easily select the script I desire; and
• A book to walk me through an entire audit of accounts payable with descriptions of each script. The script descriptions not only tell me what data to get and how the script will run but also why I should use it in an audit and what to do with the results.

The routines and exception reports provided in the test set allow me to easily check numerous areas. Below are my top reports (although the Payables Test Set provides over 30):

1) Test that we are maximizing vendor discounts. The reports highlight vendors that may be getting favorable treatment by our accounts payable staff.
2) Check for potential duplicate payments to vendors.
3) Test to see if we can maximize volume purchase by viewing vendor activity across department and location boundaries.
4) Confirm vendor invoiced terms versus our negotiated/P.O. terms.
5) Assure proper authorization of payments.
6) Monitor input activity by AP operator.
7) Summarize debit memos to review for adjustments to the sub-ledger and identify potential unknown liabilities if the debit memo is no longer valid.
8) Identify any payments made to vendors that do not currently exist, or never existed, in the vendor master-file. I know, you think this can't happen. Well, it can.
9) Check payroll address information against vendor address information for any similar addresses. This routine is exceptional. It does not just look for exact matches. It looks for similarities. If you have a fraudster in your organization, they may try to send vendor payments to a name or address similar to their own. This routine will flag it for your review.

In summary, I strongly recommend the use of automated analytic review of your company's transactions. The power of ACL combined with the Payables Test Set is a valuable component in this mix. In relation to reports sold by software vendors costing tens to hundreds of thousands of dollars, the Payables Test Set provides an inexpensive and "out of the box" solution, even for the less experienced ACL user. While such bolt-on reports are never a substitute for the auditor's creative mind, they do assist in jump-starting an audit and ensuring the basics are covered right out of the gate... all for under the cost of a good departmental lunch! ... Read more

Book Description

The dark shadow of America's entertainment giant. ... Read more

Reviews (70)

Read and decide for yourself
Having recently finished this book after reading a number of the posted reviews available in this forum, it is understandable why reactions seem rather polarized. The book is well-written, documented, and responsible in its claims. The authors do discuss some of the disturbing activities and products promoted by Disney owned companies. It is true that the book suggests that Disney may be engaged in certain political and cultural propaganda activities of its own through employing and promoting certain attitudes towards sex, environmentalism, and family. The theory seems to be that Disney -- not necessarily at the behest of a cabal of upper management but through some sort of conscious means -- uses the venue of its family entertainment products to "adjust attitudes" and proselytize for various liberal ideas. If you are familar with recent Disney movies and the ideologies and politics of Hollywood, this may sound like a plausible claim; if you think this would be a good thing or, at the very least, unobjectionable if true, the claims in this book might seem trivial or uninteresting. In the end, if you sense or believe something has changed in what Disney produces these days, the book will be interesting and valuable. If, however, you believe people ought to be allowed to profit from activities that are legal and underscored by consentual agreement, the fact that Disney might be engaging in good 'ole fashioned Kurt Lewin "change-agent" behaviour, might sound paranoid or ridiculous. If you are a concerned parent, reading this book and viewing some of the cartoons released by Disney in the last decade might assist you in determining whether the claims hold water or are hogwash.

Scweizers Expose a Disney few would recognize.
The background of the authors as investigative journalists comes through in this book. some claim they lack proof, yet they reproduce actual documents, they name names. They give actual dates and times.

Schweizers have no axes to grind. they have successful careers of their own even if theycompletely ignore Disney. They are in fact former annual season pass holders.

This book is written to be very readable, even as it addresses subjects which can be hard to stommach.

They spend two chapters on Disney's management ( or lack of it.) of Miramax International alone. other than making money Miramax founders were given one rule by "the mouse," nothing above a R rating. Yet this book will tell you how the men behind Miramax used Disney's money with Disney's knowledge to set up subsidiaires to do just that.

You will also learn how Disney uses their control of the Reedy Creek Improvement District around their Orlando theme parks to act as a quasi-government. Call 911 at Disney ? You'll get Reedy Creek ! You can talk to a real cop only if Disney wants you too. However don't rip off "the mouse." If you steal from Disney you get to see a real cop in a heartbeat. Then they will prosecute to the limit. Other non-financial investigations seem to stall before they get started.

If you have children in your life, you have an obligation to read this book.

Very Good Book
This is a very good book that shows just how far Disney has fallen since Walt. Walt Disney was probably in the top 10 greatest american patriots of all time. He really did only think about what was in the best interests of America and the youth of America. That however is no longer the case with the company. Rather then being right when the rest of the country is wrong, Disney has gone along with the downward spirl of the times. This book backed up many of the ideas and things I had already noticed about Disney. The only question I have with the book was if the authors intended it to be so anti semitic? Whether it be Eisner, Roth, Weinstein, Katzenberg, Cohen, etc. One can't help but notice that the author seems to blames a jew for any problems Disney has had. I don't know if that was done on purpose or just coincidence. Either way, this is a really good book.

The Mouse Betrayed...By the author
This book is a rather detailed look at WDW and the company profile. I find it suprising that people could look at WD Company and not conceieve that some of the things that this book covers would not happen. The culture, the types of people who are driven to work for the Mouse, and the company that from onr time period from 1984 to present has increased its value tenfold.

The revelation that WD Company would sign a deal with different type of people to gain profits is not a revelation, but if you read this book, you need to read a few others before this one: Married to the Mouse, which discusses the relationship between WDW and the state of Florida; Storming the Magic Kingdom, the Wall Street Raid in WD Company; The Disney Touch, a recap of Michael Eisner's coming of age into WD Company. Another interesting book that could give you some backround into WDW is the pocket handbook for WDW by eve ziebart. I may have the title wrong, but you can find it on Amazon. There are also a few books that discuss the behind the scene look at Disneyland, which is entertaing reading.

This book, while giving us good backround, I believe only touches the surface of what goes on in the company is experiencing trying to top the windfall years of yesterday. People need to look at Disney and accept them for what they are. The need to make money is overtaking the quality of things WDW is putting out, and the quantity is not equaling quality.

An extremely mixed bag.
I went into this book seeking a structured and conscientious report of what Disney has become under new management and found myself more than a little disappointed. "The Mouse Betrayed" more so resembles a series of high school research papers, some of dubious relevance to the argument at hand, and very few held together by a common thread. Although the authors would have you believe they feel strongly about their subject matter, no real passion or purpose seems to be conveyed, nor is any solution offered. In other words, if you're not convinced by their arbitrary assortment of testimonies and police reports, then you're certainly not going to be convinced by their accompanying text.

And even much of the research itself is poorly-conducted. Both factual and typographical errors abound, such as credence given to false rumors of swearing in old cartoons, or the repeated misspelling of the word "anime." The authors also appear to have disregarded proof against hidden images in Disney features, or at least present the proof as having come from untrustworthy individuals, done to a degree that you have to wonder how credible the book is as a whole.

Of course, many of the sections are stretching their usefulness to begin with. While I strongly agree that family values ought to be preserved in Disney parks and entertainment, "The Mouse Betrayed" fails to distinguish between progressive and extreme and winds up hurting itself in the process. Arguing against flagrant sexuality is one thing, but thinly-veiled objections against sexuality in general are pretty old-fashioned. What worsens this approach is that the authors often expect the reader to automatically concur and thus don't bother to support the things they're saying, yet again making it difficult to be in any way convinced.

Still, if you can wade through all of these shortcomings, what you'll find is a moderately interesting collection of Disney-related blunders and cover-ups. I suppose that accounts for something, since books on the subject are rare, and since Disney of course isn't going to tell you themselves. I would, however, recommend some prior knowledge of the topics being discussed, if just for the sake of healthy skepticism. "The Mouse Betrayed" may spark the curiosity of a Disney fan, but it's really not worth searching out otherwise. ... Read more

Book Description

The first edition of The Internal Auditing Handbook received wide acclaim from readers and became established as one of the definitive publications on internal auditing. There have been a number of significant changes in the practice of internal auditing since publication of the first edition and this thoroughly revised second edition reflects those changes. The second edition provides coverage of the new definition of internal audit issued by the Institute of Internal Auditors (IIA). It includes a new set of professional auditing standards and places a greater emphasis on professionalism. The key role of auditors in corporate governance is discussed and a new focus is provided on risk management. The second edition also examines the elevation of the status of the internal auditor from CIA to director of internal auditing and focuses on increased expectations from boards and audit committees. Attention is also given to the increasing competitive environment that exists between the large accounting firms. Another important addition involves the growing interest that is being placed in the self-audit concept.

This new edition of the Internal Auditing Handbook will prove to be an indispensable reference for both new and experienced auditors, as well as business managers, members of audit committees, control and compliance teams, and all those who may have an interest in promoting corporate governance. ... Read more

Book Description

Phone systems, service, data networks, and the Internet are critical pieces of any company’s communications. And most IT professionals don’t understand the effects of deregulation and parallel technologies on the bottom line. Telecommunications companies have more than a 30% error rate on their billing each month. There are only about 4,000 telecom consultants in the country who do nothing but find errors on bills.The economy seems to be crying out for just this type of study.This work explores the various technologies in terms of cost and ROI, sets up some case studies to solve real communications issues, offers cheap ways to meet bandwidth requirements, looks at the players in the marketplace in terms of technology as well as cost, explains what a tariff is and how it can be made to work for you, gives a better understanding of telecom taxes, which ones are required and to what degree, and provides international strategies to manage costs of a national and global network.Reading this book will be like hiring that telecom consultant. · SAVINGS!!! – realize 40-60% savings with the information contained in the book· “Show me the money” demo included · Review – assessing bills to know if you’re overpaying · Analysis–benchmarking, comparative technologies, ROI, tariff info, etc. · Negotiation – how to work with your various services to ensure you’re getting the best rates possible · Cost Justification– finding costs in other areas to justify expenditure in technology · Vendor Management– understanding where and how to go to get the best price · Recovery of capital – finding out if and when you’ve overpaid, and getting back $$$ when it’s due · Tax Rebates, Relocations, Growth Assessment, and Telemanagement – exploring all the angles to get the most of your telecom dollars ... Read more

Reviews (1)

Good overview
While this book does not cover every possible situation, it does provide insight into those which are most relevant. It was well written and proceeds in a logical fashion. I found chapter 10, covering taxes and fees, particularly helpful. If you are new to the commercial aspects of the telecom world, this is a good place to start. I have read several books on the subject and found this one to be the most complete. ... Read more

Book Description

This reference book guides readers in the application of statistical and nonstatistical sampling-to auditing financial statements, testing internal control, and assessing compliance with laws and regulations. Featuring simple discussions of all types of audit sampling, the book contains practice aids for planning, performance, and evaluation. ... Read more

Book Description

From the American Marketing Association, the world's largest and most comprehensive professional association of marketers, comes the AMA Marketing Toolbox series, a unique source of information, ideas and direction for anyone building an effective marketing program or who is interested in improving current marketing activities.The AMA Marketing Toolbox series will guide you through every critical marketing task and provide the tools you need--model formats, checklists, and boilerplate documents–-to implement those tasks quickly, accurately and effectively into your business.

Auditing Marketing, Products and Marketing Plans is Step 1 in the Marketing Toolbox program. You'll learn how to identify your target markets, select the rights products for those markets and then plan how to reach them most effectively. Filled with worksheets, forms and tables for you to complete, Auditing Marketing, Products and Marketing Plans is step- and action-oriented, perfect for beginning marketers, students of marketing, small business owners, and entrepreneurs.

Book Description

The new computerised CPA exam goes into effect in early 2004. Focus Notes provides a review of all the basic skills and concepts tests on the CPA exam and teaches important strategies to take the exam faster and more accurately. Wiley Focus Notes are designed to provide knowledge in formats that are easy to understand and remember. Available individually or as a set. ... Read more

Book Description

In this commanding big-picture analysis of what went wrong in corporate America, Alex Berenson, a top financial investigative reporter for The New York Times, examines the common thread connecting Enron, Worldcom, Halliburton, Computer Associates, Tyco, and other recent corporate scandals: the cult of the number.

Every three months, 14,000 publicly traded companies report sales and profits to their shareholders. Nothing is more important in these quarterly announcements than earnings per share, the lodestar that investors—and these days, that’s most of us—use to judge the health of corporate America. earnings per share is the number for which all other numbers are sacrificed. It is the distilled truth of a company’s health.

Too bad it’s often a lie.

The Number provides a comprehensive overview of how Wall Street and corporate America lost their way during the great bull market that began in 1982. With fresh insight, wit, and a broad historical perspective, Berenson puts the accounting fraud of the past three years in context, describing how decades of lax standards and shady practices contributed to our current economic troubles.

As the bull market turned into a bubble, Wall Street became utterly focused on “the number,” companies’ quarterly earnings. Along the way, the market lost track of what companies are really supposed to do—build profitable businesses with sustainable futures. With their pay soaring, and increasingly tied to their companies’ shares, executives were more than happy to give Wall Street the predictable earnings reports it wanted, what-ever the reality of their businesses. Accountants, analysts, money managers, and individual investors played along, while the Securities and Exchange Commission found itself overwhelmed and underequipped to cope with the earnings game.

The Number offers a unified vision of how today’s accounting scandals reflect a broader system failure. As long as investors remain too focused on the number, companies will find ways to manipulate it. Alex Berenson gives anyone who has ever invested in—or worked for—a public company the tools necessary to see beyond the cult of the number, understand accounting and its limits, and recognize patterns that can lead to fraud. After two decades of stock market hype, The Number offers a welcome dose of truth about the way Wall Street and corporate America really work. ... Read more

Reviews (19)

Insightful and easy to understand
I am a professor of finance and economics and must recommend this book for anyone with even a basic interest in corporate markets. I've asked my students to read The Number largely because it presents a fair and in-depth perspective on this fascinating economic fallout without ignoring the historical context. Berenson writes clearly and perceptively while analyzing from both top to bottom as well as left to right the market growth and its subsequent implosion.

Solid introduction for the financial novice
I approached this book with deep skeptism.

However, Berenson was often spot on in his observations, and I'd give the book high marks - think a more readable, less detailed, version of Irrational Exuberance.

The strongest parts of the book are his concise review of the history of bubbles and his entertaining descriptions of short sellers. He is clearly a strong writer and has some excellent insights on the events leading up to the bubble. He is dead on about the failures of growth through acquisition. Finally, he provides a balanced view that does not have a strong preset agenda.

While a history lesson would serve most folks on the Street well, financial experts will find it lacking in several areas. In particular, the oversimplification of accounting works well as a writing device but leads to somewhat superficial insights on the challenges managers face in managing to the Number. Moreover, Berenson confuses the dotcom bubble with the telecom bubble - which really ought to be looked at seperately.

In any case, the Number is an excellent read. Berenson's a great writer and a strong historian. I'd recommend it as background meeting for the expert financier so they can see that history repeats itself. And it is a fine introduction for the financial novice.

What Might Those Quarterly Earnings Mean?
New York Times business reporter Alex Berenson has written a book that every investor should read. "The Number" traces the history of Wall Street trends, bubbles, busts, and the accounting fashions that accompanied them from the 1920s to the present day. He explains how the cult of The Number was born, making quarterly earnings reports the last word on any company's health, and how this facilitated the chicanery at Enron, Tyco, and the scandalously large paydays for incompetent corporate executives that have made headlines across the nation in recent years. "The Number"'s primary focus is actually on the evolution of accounting practices over the past 80 years. Berenson asserts that a disintegration of standards and an increase in conflicts of interest in the accounting profession prevent potential and current shareholders from understanding any company's health or its stock's true value. In other words, accounting slight of hand is such that it would take a detective to figure out if a company is making money or losing it. In explaining how and why, "The Number" gives us a fascinating, very readable history of the numbers and the people behind the trends since this nation first went crazy over the stock market in the 1920s. Mr. Berenson definitely has a viewpoint. He is in favor of stricter regulation for the accounting industry, perhaps more than is necessary or practical. But he makes some good points. And "The Number"'s chronicle of how things are on Wall Street and how they got that way is invaluable for any investor. Alex Berenson's writing is interesting, easy for anyone to understand, and his insights are essential to understanding what quarterly earnings reports do and don't mean, whether they be for big corporations that are the backbone of our economy, or little ones that may make or break your nest egg.

Equity investors out to know this material (and then some)
Mr. Berenson takes a very interesting approach to explaining the rise of the 90s bubble economy. The book opens with a wonderfully apt quote from Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it." The drive for Earnings Per Share (EPS) by analysts and investors guided by them, according to the author, leads them astray because the number is inherently imprecise. Earnings are stated by the company as an exact figure and EPS is simply that number divided by the number of outstanding shares of common stock.

However, earnings depend a great deal on the methods of accounting used by the firm. In the 90s we saw a rise in very aggressive accounting. Any system of rules that is intended to be applied generally over a wide range differing conditions is going to have gaps and unintended effects that distort the intention of the rules. General rules rely upon the good will and integrity of the participants to keep the intention or spirit of the rules in tact in order for the rules to have any real meaning in application. In sports we also have referees to keep the game fair, but both teams still have to intend to follow the rules completely. No game could be played if the participants tried to push every rule to an extreme interpretation. Aggressive accounting uses extreme interpretations of the Generally Accepted Accounting Principles (GAAP) to present as favorable earnings number as possible. This results in a higher (and therefore more pleasing) EPS number.

Analysts started giving forecasts of coming EPS reports for firms and those that met or slightly exceeded that forecast were rewarded with higher share prices because investors competed for their shares. Those that missed the forecast by even a penny per share were punished as investors abandoned their stock. Mr. Berenson demonstrates that many companies had reserves and other accounting tricks to make sure their EPS forecasts were always met. However, as companies grow this becomes harder to do. And for companies such as Tyco, Enron, Adelphia, and even the mighty General Electric, it finally became impossible. The most aggressive companies had presented such a distorted picture of reality that they collapsed. Those that were still within shouting distance of reality remained solvent, but still suffered a significant depression in their stock price.

Since the EPS is inherently inexact it seems strange that the markets would react so strongly to that single measure. Mr. Berenson calls the number a lie. I think he does that for rhetorical effect and one time he does admit it is a white lie. I think he has a very strong point for those companies using aggressive interpretations of GAAP. The author also provides a history of the SEC and calls for stronger enforcement powers and the staff to provide that enforcement. While there is certainly a good case to have an effective SEC with sufficient resources (there will be a debate on what this level is), Mr. Berenson has more faith in regulation than I do.

Even if I fully concede his point and support an SEC of enormous size, it still could not provide the necessary enforcement to keep companies in line if the market keeps rewarding companies for fudging the numbers. The market will provide what people want to buy even if they want to buy lies. I agree with Mr. Berenson that INVESTORS need to become better educated and make more demands of the management of the companies in which they invest. Investors, by NOT investing in companies who use very aggressive accounting, could affect the way finances are reported than any regulatory body.

Not every company can be a growth company. Heck, even Microsoft isn't a Microsoft anymore. Investors have to demand that financial statements actually present a real picture of the financial state of the firm rather then providing a manufactured dream of ever expanding growth. One of the strengths of this book is the compelling evidence Mr. Berenson provides of management spinning these euphoric visions just long enough to cash out and then let the bad news (read reality) come to light on someone else's watch.

This is a fine book. I think that anyone who has investments in public companies ought to read it and better educated themselves on the realities of the equities marketplace. I think Mr. Berenson's recommendations for public policy are measured and good for debate even if I don't personally agree with all of them. There are a few minor quibbles I have with some of his explanations, but they don't affect my recommendation.

The book has a couple of short appendices to help the reader understand the accounting issues involved. There are helpful notes for sources and an index.

I've got your number, sunshine
In the last few months I have read four accounts of the tech bubble. Glutton for punishment, aren't I. I've just got through Alex Berenson's "The Number". I was sent a free copy by the publisher. Alex Berenson himself emailed me to arrange this. So first up, in the spirit of full and fair disclosure, I disclose that I was given this book to review. I feel the need to say that especially in this case because I thought this was rather a good book. By some margin the best of the bunch, actually.

Where Roger Lowenstein's "Origins of the Crash" had the air of being something of an aggregation of newspaper clippings, and Frank Partnoy's "Infectious Greed" was less focussed, less penetrating, and in no real sense dispassionate, Mr. Berenson clearly sets out his stall with an interesting (and relevant) history of the regulation of corporate governance and reporting since the 1920s, and an analysis of the issues associated with accounting of any sort. In two short but clear appendices, Berenson explains in lay terms the difference between (and pros and cons of) accrual and sale accounting, and then balance sheets as opposed to income statements. These are fundamentals that one needs to understand what was going on, and not all of the authors who have written on the subject necessarily have a grasp of them.

Where as other authors have targeted (with varying degrees of persuasiveness) bodies such as ISDA, the SEC and the credit rating agencies as the main culprit, Berenson's focus stays very much with the auditing accountants and the corporate executives. A number of sectors in the financial system (in fact pretty much all of them) took their eye off the ball at the critical stages of the bubble, but were it not for the vagaries and flexibilities of accounting policy and sheer out-and-out greed of executives, this might not have happened, at least perhaps not quite so dreadfully. Berenson is convincing on both these scores.

That said, I don't subscribe to all Berenson's views. While the actions of some auditors (notably Andersen) are indefensible, Berenson supplies a pretty solid excuse for the profession generally: the preparation of company accounts, he notes, necessarily involves hundreds of assumptions, approximations and best guesses, and as even with the best will in the world these can be wrong, and "those who want to cheat have an almost infinite number of ways to do so". Given that the auditing function can only cost so much before it drives a company out of business by itself, there must be limits to what any auditor can be expected to detect. But Berenson still holds the profession to book. This isn't always consistent with Berenson's other view, which he expresses convincingly, that the "number" is intrinsically unreliable and should be much less of a determinant for market sentiment than it currently is. On the other hand, as he notes in his conclusion, even this view has its limits: the stagnation of the Japanese markets in the last five or so years is testament to the perils of ignoring the "number" altogether.

Like most financial authors (with the exception of Michael Lewis, for whom he has considerably less respect than I have) Berenson favours more government regulation as part of the solution to the problem: Congress could limit the number of options companies could grant their CEOs or put restrictions on executive pay, he suggests. Perhaps accountants could be required to bid for audit work to a federal board.

With respect, this is silly: Irrespective of how ridiculous executive compensation may be (and Berenson is certainly convincing that it is), such a Soviet technique is absolutely the last thing that is required. The market has to learn these lessons and discount the stock of profligate companies itself: the government has no means (let alone resources: Berenson is similarly persuasive as to the lack of funding for the SEC) for ascertaining what is reasonable, whereas the market - albeit eventually - will find the charlatans out. I dare say Michael Eisner is finding this out to his discomfort at the moment. At some point short sellers will be able to exploit the arbitrage opportunity. Investors may lose in the short term, but if you aren't able to take a short term loss, you shouldn't be in the market. Like Partnoy does, Berenson concludes his book with recognition of this. Caveat Emptor, indeed. In some ways having the SEC as a comfort blanket for investors in itself fuelled the boom.

Elsewhere Berenson is occasionally guilty of sophistry. He points out the irony of price regulation of the commissions charged for trading on the NYSE, perhaps the most potent symbol of the free market on the planet. But then mixes his examples: "Wall Street has always loved free markets, except when they might cut into its fees. Today, when even real estate agents are being forced to compete on price, the 7 percent commissions charged by big investment banks for initial public offerings are sacrosanct." This is naughty, and I suspect Berenson knows it. Commissions for underwriting IPOs are quite a different thing to commissions for brokering stock sales across the exchange. They have never been subject to any regulation, and if the fees tend to stick at a certain level, that not so much to do with price fixing, as the inherent risks and huge amount of work and expense required to get an IPO away. That is the market level. Given the dearth of IPOs in the last three years, the pitching for them will have been feverish.

I am prattling on. These quibbles are largely that: just quibbles, and in the round this would be the book I would recommend out of the four on the subject I have recently read. ... Read more

Book Description

'Control self assessment is sweeping the management and auditing worlds by storm. At last we have in just one place the authoritative guide to its practical application. Until now CSA had been shrouded in too much mystery and would-be practitioners had been largely at the expensive mercies of consultants or their own trial and error. It is impressive that the editors of this substantial volume have persuaded so many leading practitioners from most sectors and from several countries to pool their immense practical experience of CSA in a highly accessible way. Andrew Chambers, Managing Director of Management Audit, Emeritus Professor City University London and former Chief Executive of City Business School ‘This book should provide a very useful reference point for anyone who is thinking about introducing CRSA, or who is in the early stages of implementing it. The sections covering experiences of implementing CRSA.…are likely to be particularly useful. They should give you help in selecting the right approach and the most appropriate techniques for your own organisation. Liam Fitzpatrick, Director, Oxley Fitzpatrick & Associates Ltd Control Self Assessment is ‘a formalised, documented and committed approach to the regular, fundamental and open review by managers and staff of the strength of control systems designed and operated to achieve business objectives and guard against critical risks within their sphere of influence (Keith Wade). This book gives practical guidance on how such techniques may be introduced in an organisation and describes the implementation of CSA in a variety of organisations both in the private and public sectors. ... Read more

Reviews (1)

A PRACTICAL GUIDE TO CSA
The book is divided into six parts.The first two parts gives a complete treatise on development of CSA and approaches to CSA. The next two parts deal with practical applications of CSA in private sector organisations and public sector organisations. The fifth part deals with the future of CSA. The authors discuss very valid questions on why CSA is not more widely adopted than it should. The authors have analysed how CSAcan be a useful tool to be usedas part of risk management and corporate governance. The sixth and final part contains various appendices useful to the reader like extracts from the CoCo Report and UK guidance on internal financial control. This book is addressed to both practioneers and students of CSA. ... Read more

Book Description

IT AUDITING is an innovative and cutting edge product, which provides students an understanding of how to audit accounting information systems, including such new and expanded coverage of enterprise systems, fraud and fraud detection topics as continuous online auditing. Its organization and its integration of ACL software within the package ensure a solid background in traditional auditing as well as in the auditing of accounting information systems. The combination of text and software create a double learning environment in which students will gain a true understanding of how these audits take place in the real world. ... Read more

Reviews (1)

Audit and Control
I use this book as the basic text in my university course on computer auditing for CA's (CPA's to you south of the 49th) because it is the best text out of a bad lot.At times, Hall is concise and to the point.On occasion, for example in ch's 8 and 9 when he describes the audit of a receivables and a payables systems, his advice is detailed and valuable.Most of the time, though, he wanders into side issues in too much depth, ignores the concepts of risk and control, provides superficial advice and examples on CAAT's (despite the inclusion of the ACL disk, which, although stripped down, is worth the price of admission) and is just too thin on practical discussions of auditing in an EDP environment. ... Read more

Reviews (1)

Excellent for class and/or CPA exam
I used this book for auditing class. In fact, this book is recommended by the professor. I like this book because it has the answers and explanations right next to it so you can check your answer right away. Of course, you cannot cheat yourself, so the book included a bookmark for you to cover the answers before you work on it. It is a great review book for exams, especially you are running out of time reading the textbook again. The information is very close and accurate to the textbook. It follows the pattern of most auditing textbooks. ... Read more

Book Description

Using regulatory compliance to improve processes and enhance the bottom line

Once you establish compliance with Section 404 of the Sarbanes-Oxley Act, what’s next? Beyond Sarbanes-Oxley Compliance guides corporate financial officers and accountants through requirements and value-added activities in enterprise risk management in the post-Sarbanes environment. It demonstrates how to monitor and maintain strong internal control systems within finance and accounting operations. Next, it reveals how to leverage the knowledge harvested through regulatory compliance to improve financial management and make the organization more profitable. Bristling with new ideas on how to identify and mitigate threats to enterprise objectives, this innovative guide shows readers how to build on initial compliance activities to improve financial management processes and profitability. ... Read more

Book Description

Practical guidelines for assessing and managing the risk factors in ERP systems

ERP systems promise revolutionary integration of a business’s transactions–eliminating errors, improving efficiency, and offering employees universal access to information. Without proper implementation and maintenance, however, ERP systems can too easily become the 800-pound gorilla in the room, accomplishing little more than trading one set of problems for another. Integrated Auditing of ERP Systems provides IT managers a hands-on, practical guide to reducing risk and operating ERP systems effectively.

IT auditing expert Yusufali Musaji presents a structured methodology for managing risks in ERP systems and helpful auditing techniques to ensure their effectiveness. This one-of-a-kind instruction:

• Breaks the ERP life cycle into six comprehensible steps
• Explains the complex multilayered structure of data
• Identifies risks to operational efficiency and data integrity
• Maps how to conduct an integrated ERP audit
• Includes a chapter on minimizing SAP-specific risks

IS auditors, IT managers, and chief security officers will find Integrated Auditing of ERP Systems to be an invaluable resource. ... Read more

Reviews (6)

One of the best book I have ever read in Auditing
The authors did a great job in putting together all the essential elements in a logical order. Some ppl have difficulties in understanding the later part of this book because they don't have hands on experience in auditing. I used this book too when I was doing my undergrad degree in HK, this book was extremely terse to me at that time. But after spending few years in one of the Big 5 I find this book makes perfect sense to me right now. I am currently doing a PhD in accounting in the States, and I decide to buy this book (again) as a reference on my desktop.

Too thorough and it's clumpsy
In short, it's too thorough which makes studying this textbook a tough task. You don't know what's important and what's not. Though the general layout of the text is systemetic and unconfusing (definitely you won't find following the author's path difficult), the problem of this books comes from the author's ambition to include a lot in one book and failure to do so by dividing the content into more chapters/sub-chapters. This problem is particularly apparent in the later parts of the book, where different cycles of financial statements are analysed.
This is the comment I also heard among many of my fellows at the university. They all agree this is not a good textbook afterall.

I recommend the book
To survive my tough auditing class, I used two different book of which the Loebbecke is truely the better choice. Thorough and understandable. However, the structure of the book is not in a logical order.

It is not a text book, it is a study guide
Well, I have ordered the book and found that it is a study guide. I wonder where can I find the text book.

Extremely thorough and comprehensive
Strong systems manual;written as well as "Operational Profitability" ... Read more

Book Description

"The authors discuss self-administered questionnaires, the content and format of the questionnaire, "user-friendly" questionnaires and response categories, and survey implementation.They offer excellent checklists for deciding whether or not to use a mail questionnaire, for constructing questions and response categories, for minimizing bias, for writing questionnaire specifications, for formatting and finalizing questionnaires, and for motivating respondents and writing cover letters."
--Peter Hernon, Graduate School of Library and Information Science, Simmons College

 

How do you decide whether a self-administered questionnaire is appropriate for your research question? This book provides readers with an answer to this question while giving them all the basic tools needed for conducting a self-administered or mail survey. Updated to include data from the 2000 Census, the authors show how to develop questions and format a user-friendly questionnaire; pretest, pilot test, and revise questionnaires; and write advance and cover letters that help motivate and increase response rates. They describe how to track and time follow-ups to non-respondents; estimate personnel requirements; and determine the costs of a self-administered or mailed survey. They also demonstrate how to process, edit, and code questionnaires; keep records; fully document how the questionnaire was developed and administered; and how the data collected is related to the questionnaire. New to this edition is expanded coverage on Web-based questionnaires, and literacy and language issues.

Book Description

The fifth edition of Machine Transcription and Dictation prepares students for most situations requiring transcription skills.To help strengthen grammar and punctuation proficiency, this book provides realistic documents from various fields of employment.New to this edition are additional exercises for language arts and Word mastery. ... Read more