Strategies for forming an effective forensic accounting team

As forensic accounting assignments become more complicated, due to increasingly intricate fraud schemes and complex industries, CPAs must apply a rigorous and repeatable approach to structuring their forensic accounting teams. Here are strategies for forming an effective forensic accounting team: 1....

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Bibliographic Details
Published in:The CPA journal (1975) 2007-04, Vol.77 (4), p.64
Main Authors: Pope, Kelly Richmond, Ong, Brian
Format: Article
Language:English
Subjects:
Accountants
Accounting
Accounting firms
Audit committees
Audits
Business valuation
CPAs
Criminal investigations
Evidence
Forensic accounting
Fraud
Guidelines
Management
Professional standards
Professionals
Report writing
Skills
Software
Teams
Training
White collar crime
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Summary:As forensic accounting assignments become more complicated, due to increasingly intricate fraud schemes and complex industries, CPAs must apply a rigorous and repeatable approach to structuring their forensic accounting teams. Here are strategies for forming an effective forensic accounting team: 1. Evaluate the specific requirements of the assignment. 2. Evaluate the team members' training and experience. 3. Reacquaint the team with the applicable professional standards. 4. Determine what the client deliverables will be. 5. Understand the client's perspective. Without the proper segregation of duties, individuals will always have an opportunity to steal and commit fraud for their own gain, so that necessitates the establishment of policies and procedures that would, in fact, attempt to preclude fraud from happening. The specially designed training programs in forensic accounting offered by national CPA organizations, state CPA societies, and colleges and universities are all good ways to acquire basic competencies in forensic accounting.
ISSN:0732-8435