Popular in Course
verified elite notetaker
Popular in Accounting
This 1 page Document was uploaded by an elite notetaker on Friday December 18, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 28 views.
Reviews for How-Certified-Public-Accountants-Become-Forensic-Accountants
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 12/18/15
How Certified Public Accountants Become Forensic Accountants Many CPA's begin their careers with traditional public accounting firms, spending several years in tax, audit, or consulting departments. In larger accounting firms, tax, audit, and consulting departments are distinct, with very little cross-training. In smaller accounting firms, accountants work in a combination of different engagements throughout the year, usually including compilation work and a grinding tax season. Compilation work assists small business clients with their general accounting needs and helps with cost accounting and financial statement preparation. Other accountants begin working in "private accounting," or "industry," employed by businesses in a variety of general accounting roles. If early in his career, the young accountant will almost always report directly to another CPA. Some obtain the required experience in a combination of public .and private accounting Transitioning to forensic accounting is not challenging from a technical competence standpoint. Even though there is much to learn, almost all CPA's with a few years of experience have obtained the basic skill sets to perform the work. Many forensic accountants will jokingly admit that they sought out being an expert witness because the traditional accounting career was just a grind to them. Many enjoy the sporting and sparring of a deposition and look forward to the intellectual and professional challenge of staying calm under the pressure. As with family law, there are no two days just alike in an expert witness practice. The clients, lawyers, and issues are always unique. As one might expect, this difference attracts a different breed of personality to the .expert witness universe While building their forensic accounting practices, most CPAs will maintain their tax or audit practices until they are ready to make the leap and go "full time" as an expert witness and/or business valuation expert. Business valuation and being an expert witness often go hand in hand, although the universes are distinctly separate in many ways. One important difference is that the business valuation universe is much larger than just CPA's. Several organizations credential business valuation experts. But almost all expert witness accountants are CPA's. Over time, experts develop relationships with a core group of lawyers. A healthy expert witness practice usually results from as little as 20 or so leading litigators calling upon the forensic accountant for engagements. As with a family law practice, growing a practice means making more money by leveraging assignments worked by other CPA's and staff. Marketing professional services is one of the typical accountant's least favorite activities. Not many do it well. Successful expert witnesses socialize with lawyers at local, state, and American Bar Association meetings, speak at conferences, and present continuing legal education. Forensic accountants also often send out .direct mail, invite lawyers to lunches, email newsletters, and advertise This article is an excerpt from The Forensic Accounting Deskbook: A Practical Guide to Financial Investigation and Analysis for Family Lawyers. Reprinted by permission of the American Bar .Association. Copyright © 2011 American Bar Association Miles Mason, Sr., JD, CPA practices family law exclusively and is founder of the MILES MASON FAMILY LAW GROUP, PLC, in Memphis, Tennessee. Miles is the author of The Forensic Accounting Deskbook: A Practical Guide to Financial Investigation and Analysis for Family Lawyers, published by the American Bar Association. For ordering information about his book, see http://www.ForensicAccountingDeskbook.com for his firm, see .http://www.MemphisDivorce.com PDF created with pdfFactory Pro trial version www.pdffactory.com