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Financial Reporting and the Board of Directors Michael R. Young Willkie Farr & Gallagher Three Topics The Origin of Financial Fraud Failures of Detection The Role of the Audit Committee The Origin of Financial Fraud Accounting Irregularities (1) Aggressive Financial Target

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financial reporting and the board of directors

Financial Reportingand the Board of Directors

Michael R. Young

Willkie Farr & Gallagher

three topics
Three Topics
  • The Origin of Financial Fraud
  • Failures of Detection
  • The Role of the Audit Committee
accounting irregularities
Accounting Irregularities

(1) Aggressive Financial Target

(2) Failure Unforgivable

accounting irregularities6
Accounting Irregularities

(1) Aggressive Financial Target

(2) Failure Unforgivable

slide8
Shipment Acceleration
  • Reserve Reduction
slide10
Shipment Acceleration
  • Reserve Reduction
slide11
Shipment Acceleration
  • Reserve Reduction
  • Bad Accounts Receivable
slide12
Shipment Acceleration
  • Reserve Reduction
  • Bad Accounts Receivable
  • Expense Recognition Delay
slide13
Shipment Acceleration
  • Reserve Reduction
  • Bad Accounts Receivable
  • Expense Recognition Delay
  • Intercompany Credits
slide15
Acquisition Reserve Adjustments
  • Inventory “In Transit”
slide16
Acquisition Reserve Adjustments
  • Inventory “In Transit”
  • Phantom Inventory
slide17
Acquisition Reserve Adjustments
  • Inventory “In Transit”
  • Phantom Inventory
  • Phony Shipments
slide18
Acquisition Reserve Adjustments
  • Inventory “In Transit”
  • Phantom Inventory
  • Phony Shipments
  • General Ledger Revisions
slide22
Failure of Detection:

The Outside Auditor

slide23
Failure of Detection:

Internal Audit

slide24
Failure of Detection:

The Audit Committee

the new rules
The New Rules
  • Power & Authority
  • Independence
  • Financial Sophistication
  • Diligence
a practical approach
A Practical Approach
  • The “Tone at the Top”
  • Logistical Capability
  • Detection of Misreporting
financial reporting and the board of directors28

Financial Reportingand the Board of Directors

Michael R. Young

Willkie Farr & Gallagher