Book Description
The
undisputed #1 market leading book continues to be an innovative look at the most current changes and happenings in the auditing profession! Topics appear as they would during the audit planning and execution stage rather than as isolated pieces of information.
Fraud detection; integration of SECTION 404 of the Sarbanes-Oxley Act of 2002 and related SEC and PCAOB rulemakings; internal controls -- Internal Control and Control Risk.
For individuals interested in the auditing, accounting, and consulting fields.
Customer Reviews:
Good.......2007-01-29
This was a good review only in that it did not come with the workbook I needed for the class as well. If the workbook would have came with the book then I would have rated it a 5.
A great book.......2006-07-16
I have been an auditor for the last seven years and I can assure you that Prof. Arens book is excellent. Even if you have a working experience with audits you will find that this book is not the usual "text book"
Very good textbook.......2005-06-24
No textbook is really worth 5 stars, in my estimation, because that is reserved for books that actually entertain me! Textbooks seldom do that. However, this auditing text is pretty darn good.
Each chapter is packed with true case studies, which are all interesting. The actual text material is easy to understand and read. There are HOARDS of questions, simulations, etc. in the back of each chapter. And the online materials the come with it are good as well, including some basic videos.
I came into my auditing class with little knowledge of that specific subject. I felt I left it some weeks later with a good understanding (good enough to pass the Auditing portion of my CPA exam on the first go around). So if you're assigned this text for YOUR auditing class, be happy. It's pretty good, and won't put you instantly to sleep...not many texts can say that!!
Average customer rating:
- An excellent valuation book that should be well known by a wider audience
- Ground Up Valuation Techniques
- An ideal introduction to company valuation
- A Solid Introductory Valuation Text
- Fantastic book
|
Corporate Finance: A Valuation Approach
Simon Z. Benninga , and
Oded H Sarig
Manufacturer: McGraw-Hill/Irwin
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ASIN: 0070050996 |
Book Description
Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries. The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values. A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation.
Customer Reviews:
An excellent valuation book that should be well known by a wider audience.......2007-02-08
Simon Benninga's and Oded Sarig's "Corporate Finance: A Valuation Approach" (CFaVA) is one of those secret texts that true insiders cherish while other less efficient or significant works capture limelight.
"CFaVA" is comparable to the McKinsey group authors Koller, Goedhart, Wessels's "Valuation: Measuring and Managing the Value of Companies" and also Aswath Damodaran's "Investment Valuation: Tools and Techniques for Determining the Value of Any Asset" [Full disclosure: I've taught graduate Corporate Valuation with both texts].
Benninga and Sarig's work is excellent because it is lean while not oversimplified. The key chapter of estimating discount rates is the finest one-chapter treatment of the subject I've seen in my career, and should be required reading for any M&A or LBO banker or PE associate. The chapter on valuing by multiples is also useful for relative value and comparative scenarios for deal-makers.
Chapter 12 covers convertible securities, and it would be unfair to say it is bad simply because it is compressed and incomplete (entire libraries have been written on the subject of convertible bond valuation), but also appears out of place in the content of the book until you realize that the random elements of a stock price going forward in time intersect with capital structure choices and enterprise value, so the connection and recursive element of valuation is made at once explicit with an example.
An excellent book that should be well known by a wider audience.
Ground Up Valuation Techniques.......2002-01-18
If you are new to corporate finance valuation this book will take you to the next level. Provides step by step instruction on how to value companies. Covers Excel techniques with easy to follow examples. Covers 1 full semester at most business schools.
An ideal introduction to company valuation.......2001-09-21
This book offers a very simple introduction to evaluation of companies prior to investing. The DCF method is primarily used. There is a common thread running through the chapters which makes the book easy to understand. Its not verbose, which adds to its attractiveness. But, the readers should remember that this is only an introduction, and some other advanced book like Copeland's is needed to build upon the ideas presented in the book.
A Solid Introductory Valuation Text.......2000-12-18
This book does a good job of logically explaining the step-by-step method of corporate valuation. Benninga and Sarig do a good job of focusing on the practical tools of finance. I only wish the DCF examples were less simplistic. A substantial amount of additional work is needed to apply these models to real world firms.
Fantastic book.......2000-05-22
This book serves as an excellent introduction to and/or refresher on valuation techniques. The entire valuation process (primarily DCF) is broken down into a series of steps, each of which gets its own complete chapter. Each chapter is well written and builds on its predecessors.
A particular strength of the book is the authors' reference to Excel functions and which ones are useful in valuation models. This book is not just theory; there are concrete "how to" examples throughout. Once you've finished this book, you can do more than cite valuation theory: you can build valuation models.
One of the best finance books I've ever read.
Book Description
Messier employs the new audit approach currently being used by auditing professionals. This new approach is a direct result of the demands of Sarbanes-Oxley, which has changed the way auditors do their jobs. The new auditing approach emphasizes understanding the entity (i.e., the organization or business being audited) and its environment (i.e. industry), and then assessing the business risks faced by the entity and how management controls those risks. This new audit process focuses on business processes instead of accounting cycles. This unique and innovative approach has been developed in response to changing market dynamics. The systematic approach, referred to in the subtitle of the text, reflects the early introduction of three basic concepts that underlie the audit process: materiality, audit risk, and evidence; this allows Messier to build upon this model in subsequent chapters. These are central to everything an auditor does and a unique feature of Messier. As such, this approach helps students develop auditor judgment, a vital skill in today’s auditing environment.
Customer Reviews:
New method of presentation needs to be refined during the next edition.......2006-05-02
I have just finished a course that used this textbook. To me, it is clear that auditing has undergone a dramatic change. That is, this book lacks clarity and specificity.
My bias, however, is that I have a hard time believing that auditors are concerned with a bussiness' control environment and its understanding of management's response to risk factors.
Instead, I believe that auditors still need to spend time "verifying amounts and tracing journal entries to source documents." Those tasks seem monumental enough for an audit engagement.
I left the class wondering, "What do auditors do?" In conclusion, I am not sure that I could perform any audit procedures beyond bank reconciliations and confirmation letters after reading this book. Yet, I do have an understanding of the framework and justification for why we need auditors.
To the book's credit, I did learn how to assess risks, use the audit risk model, make preliminary judgments about materiality, and, in a general way, relate an audit procedure to the management assertion it is supposed to test.
If you want an epistemology of auditing, read this book. If you would rather begin learning how to do auditing, this book will not be helpful.
Book Description
Succeed in accounting with ACCOUNTING INFORMATION SYSTEMS: A BUSINESS APPROACH! Problem-solving aids, core cases, and a comprehensive case at the end of the text are just a few of the many tools that make learning and studying easy. Organized and presented in a way that is relevant to you and the role you'll play in your future career as a designer, user, and evaluator of information systems, this AIS textbook provides a strong conceptual foundation in accounting systems and control and helps you develop skills in documenting and analyzing transaction cycles and AIS data, identifying risks and controls, and using accounting applications.
Customer Reviews:
Good overview of how systems work.......2004-05-23
I was looking for a book that described in depth how the various cycles (e.g., Revenue Cycle) worked in conjunction with the various tables. Does an outstanding job with in-depth details where you not only learn the steps, but how the system is updated at each stage. Good material on controls, especially application controls that need to be built into the system. Normally I never look at case studies and assignments, but in this book, they were useful.
Book Description
Enterprise Information Systems: A Pattern Based Approach, 3e, by Dunn/Cherrington/Hollander presents a pattern-based approach to designing enterprise information systems with a particular emphasis on the enterprise-wide database. This edition is built on the idea that a separation between accounting information systems and management information systems should not exist. We believe patterns help people see the "big picture" of enterprises more clearly and therefore help design better systems. We believe you cannot identify anything that we need to account for that we do not also need to manage; nor can we identify anything we need to manage that we do not also need to account for. In this edition, we will show how a well-designed REA-based Accounting Information System is the Enterprise Information System.
Customer Reviews:
Worst_book.......2006-06-06
This book starts off with naive examples to illustrate the point. The illustrations were so childy that make it so rudiculous to read and understand it. Later in the book, the explanations get complicated and vague which confuses readers. Some chapters are more than 50 pages long and after you have read it, you will be more confuse than ever.I am a student and need to read a lot of books. This is by far the worst book I have ever read.
Confusing Content.......2006-01-23
This book is not well organized, the content is confusing and messed up, for a student the book talked too much on virtual and vague concept with out well explained , on the other hand the verbose description some times make you thinking, : " WHAT ARE YOU TALKING ABOUT?"
Neither fish nor fowl.......2005-01-05
I was a student in a college course that used this textbook. I'm happy that I earned the credits for it but not much else. This is a dismal textbook, plain and simple. It starts in chapter 1 where the authors engage in a lofty praise of reengineering. The fact that many reengineering projects did not accomplish the desired results does not even get mentioned by the authors. So much for their research! The rest of the book chiefly focuses on the description of a database based upon the various business processes. The examples show a very complex database. However, the information provided in the book would not be sufficient to design a similar one from scratch. Overall, this book focuses way too much on an academic view of business with little relation to the real world.
Book Description
The most cutting-edge read on the pricing, modeling, and management of credit risk available
The rise of credit risk measurement and the credit derivatives market started in the early 1990s and has grown ever since. For many professionals, understanding credit risk measurement as a discipline is now more important than ever.
Credit Risk Measurement, Second Edition has been fully revised to reflect the latest thinking on credit risk measurement and to provide credit risk professionals with a solid understanding of the alternative approaches to credit risk measurement.
This readable guide discusses the latest pricing, modeling, and management techniques available for dealing with credit risk. New chapters highlight the latest generation of credit risk measurement models, including a popular class known as intensity-based models.
Credit Risk Measurement, Second Edition also analyzes significant changes in banking regulations that are impacting credit risk measurement at financial institutions. With fresh insights and updated information on the world of credit risk measurement, this book is a must-read reference for all credit risk professionals.
Anthony Saunders (New York, NY) is the John M. Schiff Professor of Finance and Chair of the Department of Finance at the Stern School of Business at New York University. He holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. He is the editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions.
Linda Allen (New York, NY) is Professor of Finance at Baruch College and Adjunct Professor of Finance at the Stern School of Business at New York University. She also is author of Capital Markets and Institutions: A Global View (Wiley: 0471130494).
Over the years, financial professionals around the world have looked to the Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.
Customer Reviews:
Don't waste your time.......2002-12-08
Working in the banking industry I was turned on to this book by a colleague and what a colossal waste of time reading this was. The vast majority of this book's models are outdated and if Mr. Saunders was trying to write a historical piece he has accomplished that in spades. Nothing in this book is relevant and it is obvious the esteemed Mr. Saunders lent his name to a very poor book that he probably should have glanced through if not read. Linda Allen should probably get some real world experience because she is wasting people's time with her research.
Good intro, but not enough details.......2000-06-21
I have a copy of this book. It covers popular credit risk models and things like RAROC, etc. These concepts have been discussed extensively in the industry but I assume this is the first in the book form. The book does a good job in presenting basic ideas. However, if you are looking for technical details, you best bets are still the original technical documentations (CreditMetrics, CreditRisk+, KMV, etc). Nevertheless this book is a useful survey of the current stable of models. Besides, it is not very expensive.
Good intro, but not enough details.......2000-06-21
I have a copy of this book. It covers popular credit risk models and things like RAROC, etc. These concepts have been discussed extensively in the industry but I assume this is the first in the book form. The book does a good job in presenting basic ideas. However, if you are looking for technical details, you best bets are still the original technical documentations (CreditMetrics, CreditRisk+, KMV, etc). Nevertheless this book is a useful survey of the current stable of models. Besides, it is not very expensive.
RAROC.......1999-12-27
I like the part on RAROC and KMV, interesting boo
Book Description
This book introduces readers to the concepts of financial management for the merchandising of fashion goods. Covering basic financial skills needed to succeed when planning, procuring and selling fashion goods, the volume provides an integrated presentation of merchandising principles, mathematical formulas and real world applications. It is designed to help readers understand the underlying principles behind decisions and apply these principles to multiple store situations. The book begins with the basic markup concepts and single unit, three variable spreadsheets and builds the information to complex assortment plans and multi-column/multi-row spreadsheets. The authors provide an introduction to merchandising with an emphasis on retail pricing and profit and loss statements, as well as planning strategy, sales and stock, fashion forecasting, assortment planning, unit control and buying and selling concerns. For individuals involved in the merchandising of fashion goods.
Customer Reviews:
Not exactly rocket science.......2006-08-15
Merchandising math is all straight-forward algebra. This large format 340 page book is padded with a comprehensive description of merchandising, from fashion forecasting to merchandise hierarchies to vendor relations. The most useful information I found was how P&L is expanded for a typical retailer, and explanations of retail terms like maintained and cumulative margin. The exercises on planning P&L, preparing a six month plan and calculating OTB were useful, but the book is aimed at college students, anyone with retail work experience will find much of the material pretty obvious.
EXCELLENT.......2006-02-23
I received my order promptly and the book was in excellent condition complete with working CD!
Book Description
Put the principles of the market approach to valuing businesses to work!
This is an indispensable, hands-on workbook to help valuation experts (and those who want to be) better understand the application of methods used in the increasingly prevalent market approach to valuing businesses. With convincing evidence of value for both buyers and sellers, the market approach can end stalemates and get deals closed. Acclaimed for its empirical basis and objectivity, it's the model most favored by the IRS and the United States Tax Court--as long as it's properly implemented.
A companion to the definitive book on the topic, The Market Approach to Valuing Businesses, Second Edition, this workbook includes questions and exercises that bring the concepts to life. It parallels the book and helps readers understand the methodologies. It also provides practical experience in applying the relevant theories and formulas. Perfect for CPAs, appraisers, corporate development officers, intermediaries such as brokers and investment bankers, venture capitalists, and consultants, this workbook can also be the basis for dynamic in-house training programs.
Download Description
Your Best Approach to Determining Value If you're buying, selling, or valuing a business, how can you determine its true value? By basing it on present market conditions and sales of similar businesses. The market approach is the premier way to determine the value of a business or partnership. With convincing evidence of value for both buyers and sellers, it can end stalemates and get deals closed. Acclaimed for its empirical basis and objectivity, this approach is the model most favored by the IRS and the United States Tax Court-as long as it's properly implemented. Shannon Pratt's The Market Approach to Valuing Businesses, Second Edition provides a wealth of proven guidelines and resources for effective market approach implementation.
Customer Reviews:
As we have come to expect, Pratt is exceptional........2001-06-10
Everyone with even a causal interest in business valuation respects Shannon Pratt. He lives up to his reputation in The Market Approach. My favorite is the contrast and comparison of the different data available for private transactions.
If there is any criticism, it has to be his subtle efforts to market Pratt's Stats. No one would blame him too much for that.
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