As if there weren't sufficient causes already to refer to CIT Group (NYSE: CIT) as "beleaguered," the list just got longer. This morning, the financial services firm delayed filing its second-quarter report with the Securities and Exchange Commission (SEC), citing the ongoing restructuring of its debt as a mitigating factor.

Specifically, CIT told the regulatory agency that it could not meet Monday's 10-Q deadline "without unreasonable effort and expense," since executives have been spending most of their time lately attending to restructuring needs. The company is expecting a second-quarter loss in excess of $1.5 billion, thanks in large part to a loss totaling $2.1 billion from its discontinued home-lending operations.

EMC (NYSE: EMC) implied volatility Elevated at 53 into VMware IPO. EMC closed Friday at $17.72. VMware, an EMC company, is the global leader in virtual infrastructure software for industry standards. VMware is expected to be spun out of EMC this week. Morgan Keegan said on August 10, "We estimate a fair value range of $18.90-$25.33 for EMC shares. This range assumes $12.90 per share for the core EMC business and $6.00-$12.43 per share for VMware." EMC September option implied volatility of 53 is above its 26-week average of 28 according to Track Data, suggesting larger risk.

E-Trade (NYSE: ETFC) volatility Elevated on concerns of mortgage portfolio. ETFC closed Friday at $17.01. Smith Barney says, "Disclosure in 10-Q short on substance from our viewpoint. Management provided minimal new information on the composition of its $28 billion mortgage portfolio." ETFC overall option implied volatility of 55 is above its 26-week average of 35 according to Track Data, suggesting larger price fluctuations.

Daily options update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Herb Greenberg's Weekend Investor column focuses on the need for investors to be more skeptical or, as he calls it, detective-like. By looking deeper into the numbers than just the earnings per share or revenue growth, you can sometimes uncover signs of trouble before most Wall Street analysts do. And with increased disclosures as a result of the Sarbanes-Oxley Act, there may be more red flags to be found than ever.

Unfortunately, I suspect very few investors have the skills to read a 10-K or 10-Q critically. Most of us just take everything at face value. But, learning a little bit of "forensic accounting" is a lot of fun (you really do feel like a detective) and may help you notice some danger signs. Here are my favorite books for digging deeper into financial statements and seeking out signs of fraud or misrepresentation:

Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports by Howard Schilit. Probably the best book on accounting fraud.

Quality of Earnings by Thorton O'Glove. I found this one dry and boring, but it's written by one of the first experts in the field, and contains some great examples.

The Art of Short Selling by Kathryn F. Staley. While not exclusively about accounting fraud, this contains some interesting stories of companies that were engaging in creative accounting. And, if you become an expert on creative accounting, short-selling may be a way to a profit from it.