If you’ve decided it’s time to hire a forensic accounting firm to perform an investigation or provide litigation support, you might be a little lost on how to do that. When researching a forensic accounting firm for the first time, there are several key aspects that will determine how well accountants will help you and your case. A firm’s experience, expertise and trustworthiness are factors that can narrow down your options until you find the right firm.
How to find a forensic accounting firm.
Forensic accountants work in public accounting firms or as part of a consulting business. To begin your search into a qualified forensic accounting firm that is right for you, you might go through the same channels you would go through to look for any other business. This might include performing a quick Internet search for accountants around your area, or asking a family member or friend for recommendations if they have had to use a forensic accountant for a divorce, or to investigate claims of fraud.
Other resources, like the Association of Certified Fraud Examiners (ACFE) and the National Association of Forensic Accountants (NAFA), offer more information to locate fraud examiners. Through visiting their sites, you can locate certified fraud examiners or find more information about how hiring a forensic accounting firm will help you.
Once you have several choices of forensic accounting firms in front of you, next you can start to whittle down your choices by thinking about the needs of your particular case. You should consider certain accounting firms that will match their subject matter experts to your case.
Look for a forensic accounting firm you can trust.
In addition to researching the qualifications and expertise forensic accountants have, you should make sure you feel comfortable with the firm you choose. Trust is integral to working with others when it comes to legal matters. Since finances are a sensitive subject for many and a forensic accountant is usually hired to perform extensive financial analysis and investigations, you need to feel comfortable putting your personal documents in front of these professionals. Contacting a forensic accounting firm to speak about your case beforehand should give you an idea of the kind of cases they handle, how they treat their clients and what skills they possess, which can get you started in building a professional relationship.
Hire a firm with years of experience.
When hiring a forensic accountant to aid you in a case, their years of experience in handling similar cases is invaluable. A forensic accounting firm that has been in business for many years will have a good reputation and track record in providing clients with satisfying outcomes, performing thorough investigations and preparing clear reports of their findings.
You should consider how long accountants have been certified for accounting and auditing because these serve as a basis for forensic accounting. The length of time they have spent working with particular types of investigations, such as those involving divorce, fraud or other cases will also be important to look into.
In addition to finding out how long a firm has been handling forensic accounting investigations and cases, you should also verify they have the necessary qualifications to perform their job. For example, accountants who are Certified Fraud Examiners have at least two years of experience in the field and meet professional requirements.
Ask about their expertise in your case.
Another major part of the search for a forensic accounting firm is locating experts for your case. Similar to how some law firms specialize in a few branches of law, a forensic accounting firm will hire to build on the subject matter expertise of their staff. Some firms have more experience in criminal investigations than in civil disputes or vice versa.
A forensic accounting firm might also have worked with specific clientele, such as individuals, corporations and nonprofits. For instance, accounting firms could have professionals who primarily help business clients with fraud and criminal investigations. These accountants may be knowledgeable about various types of fraud, such as security fraud, money laundering and insider trading and be able to apply legal concepts that specifically apply to corporations.
The areas of expertise should factor into how you choose a forensic accounting team. For example, while you are seeking a forensic accountant to prepare financial documents for a divorce and analyze your spouse’s personal and business statements, you may want to look for a forensic accounting firm that has years of experience working in family law.
Match the skills of a forensic accountant with the needs of your case.
While you may see forensic accountants as having the same job as typical accountants, professionals in forensic accounting possess different characteristics and skill sets that make them successful at specialized types of investigations and cases. Forensic accountants are expected to be analytical, detail-oriented and have great research abilities for investigation and fraud detection.
You need to factor in the requirements and difficulty of your case to determine what kinds of forensic accounting skills you require. For example, forensic accountants are often asked to provide litigation support, which involves analyzing financial documents and drafting reports suitable for a court of law. In some cases, they might be called on to testify as an expert witness, meaning they should be comfortable in a courtroom setting. When you need a forensic accountant to testify, you should make sure they have great oral and written communication skills.
When the need to hire a forensic accounting firm arises, you may be overwhelmed with many stresses associated with your case. By taking the time to search for a knowledgeable and experienced firm that specializes in cases like yours, you can feel confident that a trusted partner is on your side.
