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Financial Shenanigans

Dr. Howard M. Schilit
Center for Financial Research & Analysis
Rockville, MD
301 984 1001

What are Shenanigans? ·
Shenanigans are actions or omissions designed to hide or distort the real financial performance or financial condition of a company

Why do Shenanigans Exist?
· It pays to do it (greed factor)
· It may boost performance-related bonuses
· It may prevent negative outcomes (fear factor)
· It may help company obtain financing
· It may dispel negative market perceptions
· It may help company financing covenants
· It is easy to do it
· It is unlikely you will get caught

What Types of Companies are Most Likely to Use Shenanigans?
· Companies with a weak control environment
- No independent members
- Lack of competent/independent auditor
- Inadequate internal audit function
· Management facing extreme competitive pressure or known or suspected of having questionable character