Forensic auditing consultants are invaluable when your business needs specialized talent or industry knowledge not available on your staff. With vast resources, forensic accounting consulting firms offer experience, knowledge and skills to provide successful fraud auditing and forensic accounting solutions for your business.

A forensic accountant expert applies auditing skills to situations with legal business consequences. A forensic auditing consultant offers expertise in detecting and interpreting fraudulent and non-fraudulent transactions in accounting records. Forensic accountants and consultants help businesses compute asset values, assess auditing damages, provide fact-finding services and collect litigation evidence.

Before beginning your search for forensic auditing consulting firms, define your consulting needs. Clearly identify the goal of your forensic auditing consultancy service, including services needed, time frame and budget. This information will help you select the best forensic auditing specialists to meet your needs.

When selecting a forensic accounting consultant, research each consulting practice and evaluate the following:

1. What kind of experience does each forensic auditing expert offer to analyze my business financial affairs?

2. What services do the forensic accounting consulting firms provide to interpret my accounting transactions?

3. How much should my business invest in forensic auditing consulting services?

Action Steps
The best contacts and resources to help you get it done

Hire forensic auditing consultants that specialize in your business practice

Select forensic accounting consultants who are seasoned professionals with extensive experience in your business or industry. Ask to see a list of past clients, and request references.

I recommend: RGL provides forensic and investigative accounting services to insurance companies, independent claims adjusters, lawyers, corporate businesses, governments, shareholders, and individuals. RWH Myers & Company, LLC has experience in a wide range of industries and provides a representative client list for each industry. CBIZ, Inc. specializes in litigation support, advocacy and asset valuation for the construction industry.

Choose forensic auditing consulting firms firms with proven forensic accounting skills

If your business is facing financial discrepancies, you need a Certified Forensic Accountant (CrFA) who specializes in forensic accounting. Review the consulting work provided by each forensic accounting consulting firm. Evaluate the firm's experience, qualifications and certifications, and request examples of the specific skill sets you need.

I recommend: Kessler International provides case studies illustrating their forensic accounting services. Feeley & Driscoll, P.C. offers a range of forensic accounting and litigation support solutions for bankruptcy, business valuations, commercial damages, fraud examination, lost profits analysis and shareholder disputes. Nihill & Riedley , P.C. features comprehensive forensic accounting business investigation and insurance consulting services.

Select a forensic accountant expert that meets your budget

Many forensic auditing consulting firms operate on a retainer with a minimum time commitment. Several utilize an hourly fee structure for short-term projects. Your forensic auditing consultancy cost will depend upon the scope of your services.

I recommend: Request a consultation from Fortress Global Investigations Corp., a private investigations and security company specializes in forensic accounting. Get a quote on a forensic accounting assignment from Matson, Driscoll & Damico. Submit a service request and get a consultancy estimate at Walworth & Nayh, P.C.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  According to the Association of Fraud Examiners, business lose approximately six percent of annual revenues to fraud. When securing the services of a forensic auditing consultant, request an audit of your company's internal controls to keep up with evolving fraud prevention techniques.