Considering a Forensic CPA? Remember That Credibility Means More Than the Sticker Price
by Larry Goldsmith, CPA, JD, CFF, MAFF I just hung up the telephone with a tire kicker — someone who is shopping for a financial forensic expert to use their expertise to confirm or deny the existence of damages. And, like all tire kickers, this person intends to make their decision primarily based on price; in this case, the forensic expert’s fees. It reminds me of the true story of a doctor client of mine who was building a medical center for his practice and was outraged by the fees being charged by the general contractor. The doctor, believing himself to be smarter than the contractor, decided he would save money by overseeing the construction himself. Obviously, the doctor did not possess the skills learned through experience that the general contractor possessed. The building’s completion was delayed by two years and suffered a 100% increase in overrun costs as the subcontractors played the doctor for the fool that he was. The project ultimately went into bank foreclosure and the unfinished building was sold at auction. The moral: experience and training are key elements when considering the retention of an expert. Price can be a factor but it should not be the primary factor. The practice of forensic accounting has recently become a hot service. Both CPA firms and non-CPA financial accounting companies are claiming “expertise” in this area and clamoring for business. I regularly meet with CPA’s and non-CPA’s who claim to be financial forensic experts, and I generally find that their claim to be an expert is based on one of the following:
- They are a CPA and have worked in auditing companies
- They are a CPA who was grandfathered the designation of a Certified Financial Forensics (CFF) because they had a CPA license for 10 years and paid a fee.
- They have a keen eye and were self taught.
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