would be a typical approach to a Forensic Accounting assignment?
Each forensic accounting assignment is unique. Accordingly, the actual approach adopted and the procedures performed will be specific to it. However, in general, many Forensic Accounting assignments will include the steps detailed below.
Meet with the client
It is helpful to meet with the client
to obtain an understanding of the important facts, players and
issues at hand.
Perform a conflict check
A conflict check should be carried out as soon
as the relevant parties are established.
Perform an initial investigation
It is often useful to carry out a preliminary
investigation prior to the development of a detailed plan of
action. This will allow subsequent planning to be based upon
a more complete understanding of the issues.
Develop an Action Plan
This plan will take into account the knowledge
gained by meeting with the client and carrying out the initial
investigation and will set out the objectives to be achieved and
the methodology to be utilized to accomplish them.
Obtain the relevant evidence
Depending on the nature of the case this may
involve locating documents, economic information, assets, a
person or company, another expert or proof of the occurrence of
Perform the analysis
The actual analysis performed will be dependent upon the nature of the assignment and may involve:
Prepare the report
Often a report will be prepared which may
include sections on the nature of the assignment, scope of the
investigation, approach utilized, limitations of scope and
findings and/or opinions. The report will include schedules and
graphics necessary to properly support and explain the findings.