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  Checking for Creative Accounting

Introduction to Checking for creative accounting

While examining the financial statements of a business, a number of checks might be performed on the financial statements to assist gain a feel for their reliability. These can involve checks to see whether

  • The reported profits are considerably higher than the operating cash flows for the period, that may suggest that profits have been overstated;
  • The tax charge is low in relation to reported profits that may suggest, once again, that profits are overstated, even though there may be other, more innocent explanations;
  • The valuation methods employed for assets held are relies on historic cost or fair values and, if the latter approach has been employed, why and how the fair values were determined;
  • There have been alterations in accounting policies over the period, specifically in key areas like revenue recognition, inventories valuation and depreciation;
  • The accounting policies that are adopted are in line with those adopted through the rest of the industry;
  • The auditors' report provides a 'clean bill of health' to the financial statements; and
  • The 'small print', that is the notes to the financial statements, is not being employed to hide important events or changes.

Checks might also be performed to give confirmation of positive financial health.

These may involve checks to see whether

  • The business is paying increased dividends;
  • The directors are buying shares in the business.

Even though the several checks explained are helpful, they cannot be employed to guarantee the reliability of the financial statements. A few creative accounting practices might be very deeply seated and might go undetected for years.

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