How to Find the Best Investigative Firm
Start your search by talking to family members and friends who have used forensic accountants. For example, maybe one of your aunts recently went through a divorce or your sister needed help investigating a fraud claim a couple years ago. If you don’t have any immediate resources, try the Association of Certified Fraud Examiners (ACFE) or the American Institute of Certified Accountants (AICPA) and search for those CPAs holding the CFF (Certified in Financial Forensics) designation.1
Certifications
Ideally an investigative accounting firm should have certifications in public accounting and financial forensics. A Certified Public Accountant (CPA) is the distinction awarded to an American citizen who has passed the Uniform Certified Public Accountant exam. This exam is the only licensed qualification in the accounting profession.2 Holding the title demonstrates that the accountant is also keeping up with any additional requirements for a given state, such as experience criteria.3
There are varying financial forensics certifications including Certified in Financial Forensics (CFF), Certified Fraud Examiner (CFE), and Certified Forensic Accountant (CR.FA).4 Hiring a firm that has accountants who are certified in both areas increases your chances of working with someone who has extensive experience with general accounting and forensics related cases.
Qualifications and Additional Factors
Once you have narrowed down several viable choices and made sure that they are all properly certified, think about the needs of your specific circumstances. You want to work with an accounting firm that has expertise with the subject matter at hand. For example, some firms work extensively with civil disputes and don’t handle many criminal investigations while other firms are the exact opposite. Make sure to describe your case in full and then inquire about their experience with similar cases so that both of you can determine whether or not it will be a good fit.
Investigative accounting requires a unique set of skills that goes far beyond basic accounting. Forensic accountants must be analytical with a high level of attention to detail and an ability to research a wide variety of subjects in a timely, effective matter. Many forensic accountants must be able to provide litigation support, which involves working through complex financial documents and drafting reports that will hold up in a court of law. In the event that an investigative accountant must appear in court, he or she should be comfortable in this setting.5
While it may seem like a lot of work to hire an investigative accounting firm, the effort that you put into the initial search and hiring process will be well worth it. Take the time to find a knowledgeable, experienced firm that is a good match for your situation.
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Veriti Consulting LLC an investigative accounting firm that provides various fraud and forensic accounting services for individuals and businesses across the United States. Veriti is also a licensed private investigation agency. If you would like to learn more about the types of investigative accounting services we offer click here or call 855.232.4410.
1 https://www.smolin.com/forensic-accounting-firm-nj/
2 https://www.aicpa.org/BecomeACPA/CPAExam/Pages/CPAExam.aspx
3 https://en.wikipedia.org/wiki/Certified_Public_Accountant