The Best Forensic Accounting Firms
When your business needs forensic accounting services, it is essential that you find a reputable service provider with whom you can work closely. These financial experts delve deep into all company financial records and accounts to uncover irregularities, so choosing the best firm to partner with from the start will make the process easier to navigate.
Forensic accounting is a highly specialized accounting discipline. While there are dedicated forensic accounting firms, many general accounting agencies offer forensic accounting services as part of a holistic offering.
Recent statistics indicate that there are currently around 35,000 forensic accountants in the United States. Narrowing down the field and finding the perfect fit for your business is where we can help. Whether you choose a dedicated firm or an accounting agency that offers a wide range of services, the following tips can help you select the best forensic accounting providers.
Recommended Firms
BDO USA, LLP
BDO USA is a leading global network of public accounting firms that provides a wide range of forensic accounting services. Their team specializes in fraud investigations, litigation support, and risk management. With extensive experience across various industries, BDO helps clients navigate complex financial disputes and regulatory challenges effectively.
Grant Thornton
Grant Thornton offers comprehensive forensic accounting services aimed at helping organizations detect and prevent fraud. Their experts provide litigation support and assist in resolving complex financial disputes. With a focus on proactive risk management, Grant Thornton partners with clients to develop effective strategies for mitigating financial risks.
Deloitte
Deloitte is one of the largest professional services networks globally and offers extensive forensic accounting services. Their team specializes in investigating financial irregularities and providing expert testimony in legal matters. Deloitte’s multidisciplinary approach combines financial expertise with advanced technology to deliver comprehensive solutions for clients facing complex challenges.
RSM US LLP
RSM US LLP is a leading provider of audit, tax, and consulting services focused on the middle market. Their forensic accounting team assists clients with fraud detection and prevention strategies while providing expert analysis for litigation support. RSM’s extensive industry knowledge enables them to offer tailored solutions that address specific client needs effectively.
How does forensic accounting help businesses?
Forensic accountancy combines the fields of accountancy and detective work to scrutinize the finances of businesses or individuals. Their services can be used to ensure that companies remain fully compliant and don’t make costly financial errors. The flip side is that forensic accountants are often required to detect fraudulent activity or financial misconduct in businesses.
Unlike auditors, forensic accountants compile financial evidence, which is often required in legal investigations or court proceedings. Their services can include tracing funds and asset identification and recovery, which can be invaluable for companies that have been defrauded.
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How do you choose an expert forensic accounting service provider?
Every practice and individual in the forensic accounting industry has different skills and strengths. Before hiring the most geographically convenient forensic accounting practitioner, matching your requirements with their specific skill set is essential.
Consider the following factors when perusing potential forensic accounting service providers:
- Know your requirements – Although the forensic accounting expert you select may unearth unexpected findings that lead their services in other directions, it helps to have a predefined starting point. This could include specializations such as fraud investigations, insurance claims, litigation support, or bookkeeping investigations.
- Cost – Take time to understand the firm’s billing methods to avoid financial distress later.
- Availability – With only a limited number of practicing forensic accounting professionals, it helps to check expected turnaround times before you engage the services of an individual or agency that may take months to attend to your urgent requirements.
- Approachability – Since you will need to work closely with this professional and deal with highly sensitive information, you must feel comfortable interacting with them. You should feel confident about putting your trust in them and feel comfortable enough to ask questions.
- Reputation – Do your own investigation to determine if the service provider you are considering has an established track record of delivering favorable results for their clients. Check their references and testimonials to help you make an informed decision.
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Five things to consider when partnering with a forensic accounting firm
Make the most informed decision when evaluating forensic accounting firms by knowing what to look for. While a lot can be determined by meeting with forensic accounting service providers and getting a gut feel regarding whether they would be a good fit for what you need, the following five checks are helpful to funnel your selection further:
- Certifications and accreditations – Forensic accounting is a specialized field that requires extensive formal qualifications and training. In addition to certifications in forensic accounting, check if they have any accreditations with professional organizations, such as The Association of Certified Fraud Examiners (ACFE).
- Experience – When evaluating forensic accounting services, check that the firm you are considering has experience in the specific area you are most likely to require support. If you may need expert testimony in court, check that the forensic accounting professional has strong presentation skills and can deliver complex information clearly and confidently.
- Resources – In addition to having a wide range of in-house expertise, your forensic accounting service provider should be knowledgeable about and have access to the latest cutting-edge technology. Financial fraud and irregularities and Information Technology (IT) systems are often closely related.
- Ability to collaborate – Forensic accounting service providers are often required to work with multidisciplinary teams, including business owners and attorneys. Meaningful communication and cooperation between professionals are essential to ensuring a holistic service.
- Confidentiality – The financial information you share with your forensic accounting professional must be treated with extreme confidentiality. Ensure that the firm you are considering has an established confidentiality policy in place that also protects your information after services have been rendered.