财务报表粉饰与分析黄世忠教授Ph.DCPAMBA厦门大学管理学院副院长电话：0592-251317913906016965电子邮件：hsz908@hotmail.com2007-7-11ComparativeStudyonMeasuresof1WindowDressing讲授大纲•美国上市公司报表粉饰概述•美国上市公司报表粉饰的典型手段–CFE调查报告总结的典型手段–AICPA最新审计准则对舞弊的描述–SEC前主席ArthurLevitt的观点–审计总署（GAO）的调查•中国上市公司报表粉饰的典型手段–报表粉饰的传统手段–报表粉饰的现代手段•中国上市公司报表粉饰典型案例分析•财务报表分析框架（HarwardModelofF.S.A)•附录：Sarbanes-OxleyAct–简要介绍该法案对独立董事的启示，特别是与CPA沟通应注意的问题2007-7-11ComparativeStudyonMeasuresof2WindowDressingOverviewofFinancialFraud1009380604022201560EnronXeroxRiteAidWorldComFakedProfit2007-7-11ComparativeStudyonMeasuresof3WindowDressingBiggestU.SBankruptciesSince19801200107010008006346003593394002552442152021701682000ronFCAorpartNTLPG&EldComEnMcKmTexacoWorAdelphiaG.CrossingTotalAssets2007-7-11ComparativeStudyonMeasuresof4WindowDressingDebtsownedtoBanksandInstitutionalInvestorsbyWorldCom(TotalAssets:BV$107billion;MV$15billion;TotalDebts$41billion)$inmillionBank&TrustAmountInstitutionalInvestorsamountJPMorganTrustCo.17,200.00CALPERS387.5DeutscheBank240.25Prudential386.5ABNAmcoBank202.75MetropolitanLifeInsur.300.3Citibank154.88Vanguard281.9Fleet150.00TravelersAssetmgt.270.1BankOne100.00NorthwestInvest.Mgt.267.0MellonBank100.00AllianceCapitalMgt.253.9WellsFargoBank100.00AmericanExpressF.A212.4JPMorganChase6.00WellingtonMgt.212.12007-7-11ComparativeStudyonMeasuresof5WindowDressingMerck’FakedRevenue600500400506.9300429.8350.620010028.440.4550199920002001FakedRevenueTotalRevenue2007-7-11ComparativeStudyonMeasuresof6WindowDressingFinancialFraudsandIndependentDirectors•Overviewoffinancialfraudsorearningsmanagement公司名称舞弊种类是否由AC是否由独立懂事/(事务所名称）及金额发现？CPA发现？董事会人数Enron(AA)虚增利润6亿美元,隐瞒负否否15/17债30多亿美元Xerox(KPMG)虚增利润15亿美元否否7/9RiteAid(KPMG)虚增利润22亿美元否否7/9WorldCom虚增利润93亿美元否否9/11(AA)•其他公司–Microsoft,GE,IBM,Boeing,Lucent,Cisco,Oracle,AOL,Nortel,Qwest,Tyco,GlobalCrossing,Cendant,WMX,Sunbeam,Adelphia2007-7-11ComparativeStudyonMeasuresof7WindowDres