Fraudulent Executives, Complicit Auditors, and Intolerable Public Injury

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The Fraud Triangle: Fraudulent Executives, Complicit Auditors and Intolerable Public Injury by Allan Littman explains why so many huge executive frauds escape disclosure by the major professional auditing firms who supposedly guard the public against them. Early in the 20th century, the modern auditing profession began to suppress its original primary duty to detect and expose fraud in favor of providing more non-audit services to management. Partial reinstatement of the duty to detect fraud in 1989 still leaves gaps, and the auditors' duty to expose fraud they have detected remains minimized. The result has been that, too often, the best guardians against fraud have covered it up. The blame is also shared by those who accepted fallacious excuses from the audit profession and major audit firms. They include all three branches of the Federal Government, financial institutions, and others. While the immediate victims are thousands of shareholders, creditors, and employees, tens of millions more may also suffer collateral damage as credit dries up and jobs decline as they have in the sub-prime mortgage derivative securities crisis that began in 2007, and many before that. This book should be read by all those interested in the causes of the present debacle and in reducing the chances of its repetition.

About Allan Littman

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Allan Littman has been a trial lawyer for over 50 years in civil litigation before state and federal courts, arbitral bodies, and administrative agencies in many fields of the law, and is still so engaged. He is a graduate of the Harvard Law School, class of 1952, and a Fellow of the American College of Trial Lawyers, and for many years was a partner in one of the most eminent law firms in San Francisco. He has represented the Federal Home Loan Bank Board in the Lincoln Savings & Loan investigation in San Francisco, and the State Board of Accountancy in a number of disciplinary cases against major audit firms. He is also the author of several published articles in other fields of the law. He, and his wife, Caroline, have three surviving children and six grandchildren.
Published December 1, 2010 by CreateSpace Independent Publishing Platform. 492 pages
Genres: Professional & Technical, Business & Economics, Education & Reference, Law & Philosophy. Non-fiction

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The most damaging assessment made by the author is his strong claim that the designers of derivative securities “based on platforms of bundled sub-prime mortgages and other sub-par platforms could not have been ignorant of the potential consequences of what they had constructed.” Littman writes t...

Jan 12 2011 | Read Full Review of THE FRAUD TRIANGLE: Fraudulen...

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