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Incredible Lessons I’ve Learned About Accountants

Starting a Forensic Accounting Firm Successfully

Forensic accounting and fraud investigation are the two most sought for services in the accounting sector. The need for fraud detection services is growing at a high rate as most of the experts agree. This is creating opportunities in the small and midsized firms that are looking to either start or even expand. You will need to be patient if you are to stabilize in the forensic accounting sector as it takes time. It takes time to stabilize because there are different clients with different needs. To become a real competitor in the area of fraud detection, you must look at the strengths that your firm has and focus on these. Your brand has to be associated with quality if your clients are to trust you.

Fraud investigation as well as litigation support services are the two subsets in relation to forensic services. Bribery, corporate embezzlement, financial statement fraud and insurance fraud are some of the issues taken care of under fraud investigation. Litigation support services include contract disputes, business insurance claims, bankruptcy consultation and shareholder divorces. The clients are divided into the specific industries which determine how the matters are going to be resolved. The forensic practice will grow through choosing the right cases carefully. As a small or midsized firm, it might not be possible for you to take each of the engagements on a high level. This is the reason why it is advisable that the firm focuses on the services they have the most expertise in.

Normally, the larger firms are considered to have a huge depth and breadth of experience. Developing a niche for the small firm will enable the small firm compete with the large firms. The quality of services that you provide should be able to bring in business and gradually build a reputation. It is an advantage for you to walk into an engagement with a team led by someone that has solid experience. The reason there has to be significant experience is because investigations are processes that are complex and if the client is to be at an advantage, then you have to involve serious expertise.

The AIPCA’s statement on standards for consulting services are the ones to guide all the forensic accounting engagements. The other basic standards that should be adhered to, include competence, due professional care, planning and supervision. To ensure that there are no questions in relation to credibility, there should be independence. If you put administrative tools to manage engagements, you will develop a standard investigation. The process will now be used for all the future engagements. Consistently getting good results will get you more clients.