Called to Account: Financial Frauds that Shaped the Accounting Profession, 3rd Edition (Paperback) book cover

Called to Account

Financial Frauds that Shaped the Accounting Profession, 3rd Edition

By Paul M. Clikeman


264 pages | 1 B/W Illus.

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Paperback: 9781138327085
pub: 2019-07-31
Available for pre-order
Hardback: 9781138327078
pub: 2019-07-31
Available for pre-order

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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.

The 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 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, Kennesaw, 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

"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, USA

"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

Table of Contents


1. Scandal and Reform

Part 1. Birth of a Profession

2. Out of Darkness

3. Ivar Kreuger

4. McKesson & Robbins

5. Into the Light

Part 2: The Profession’s Principle Problem

6. Generally Accepted Accounting Principles

7. National Student Marketing

8. Equity Funding

9. Déjà Vu

Part 3: The Savings & Loan Crisis

10. It’s a Wonderful Life?

11. ESM Government Securities

12. Lincoln Savings & Loan

13. Bank Robbers

Part 4: The Expectation Gap

14. Auditors and Fraud

15. ZZZZ Best

16. Crazy Eddie

17. Closing the Gap

Part 5: Beginning of the End

18. Auditor Independence

19. Waste Management

20. Sunbeam

21. End of the Millennium

Part 6: From Profession to Regulated Industry

22. Professionalism

23. Enron

24. WorldCom

25. A Perfect Storm

Part 7: The World Is Flat

26. It’s a Small World

27. Parmalat

28. Toshiba

29. European and Asian Reforms

Part 8: The Global Financial Crisis

30. Creative Finance

31. Lehman Brothers

32. Colonial Bank/Taylor Bean & Whitaker

33. The Great Recession

34. Conclusion

Appendix A. Discussion Questions

Appendix B. Suggestions for Integrating Called to Account with Popular Auditing Texts

About the Author

Paul 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 web site, which provides resources and advice for studying and teaching financial statement auditing.

Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Accounting / General
BUSINESS & ECONOMICS / Accounting / Financial
BUSINESS & ECONOMICS / Accounting / Standards (GAAP, IFRS, etc.)