Even we have a sense of humor

People tend to believe, that investigators and fraud experts tend to have no sense of humor at all. Well, this is not true, here is the proof

Accountants and financial analysts use a lot of abbreviations. EBITDA – for example means “Earnings before Interest, tax, depreciation and amortisation” and is key measure for company profits. However some of these can have other definitions – and when you analyse company financials it is always worth keeping at the back of your mind that a company publishes finances to make them look good as well as comply with legal filing obligations. They are supposed to be an honest truthful record of company performance but there are still ways to make the company look good. In some cases the accounts can make a company look better than it actually is. And here comes the humor. During interviews with some of the fraudster we have collected the dumbest of all answers about financial definitions. Enjoy



Revised Definition

Traditional Definition

EBITDA Earnings, before I tricked the dumb auditor Earnings before interest, tax, depreciation & amortisation (A key measure of profitability)
EBIT Earnings, before irregularities and tampering Earnings before interest & tax (Operating profit)
CEO Chief embezzlement officer Chief executive officer
CFO Corporate fraud officer Chief financial officer
IFRS Incredibly fraudulent revenue streams International Financial Reporting Standards
FRS Fantasy reporting standards Financial Reporting Standards
GAAP Generally abused accounting principles Generally Accepted Accounting Principles
P/E Parole entitlement Price per share / Earnings per share
EPS Eventual prison sentence Earnings per share
SWOT Substantive Waste Of Time Strengths, Weaknesses, Opportunities & Threats (A well known business analysis technique)

This material is for informational purposes only and is not intended to provide legal, tax, financial, or investment advice. Recipients should consult their own advisors before making these types of decisions. Artefaktum  has no responsibility or liability for any decision made or any other acts or omissions in connection with Reader’s use of this material.

Artefaktum does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.


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Ian Watt 
+1 617 861 9250