The AICPA provide CPAs with a vast array of resources, tools and information about forensic accounting and offers the Certified in Financial Forensics credential.
The headlines announcing Brad Pitt and Angelina Jolie’s divorce were just the latest in a slew of stories about celebrity splits. In fact, there are more than 800,000 divorces and annulments in the United States each year, according to government statistics. Based on my experience performing valuations in many high-profile divorces, much of the advice I’d offer to my fellow practitioners applies whether you’re working with Brad and Angelina or the divorcing, high-powered owner of a local business. Below are my top tips:
- Determine what’s at stake and how location matters. The assets in a divorce will typically include cash, retirement funds or a home. Often, the largest asset at stake is a closely held business. That can be a professional practice – if one or both partners are, say, a lawyer, physician or accountant – or an operating entity, such as a retailer, wholesaler, manufacturing business or a farm. The complexity of the engagement can be affected by the jurisdiction in which the case is being heard and can depend on state law. Be prepared, as the legal environment may produce unexpected complexities.
Continue reading "Six Tips for Valuation Experts in High Stakes Divorces" »
As part of its commitment to serving member needs, the AICPA Forensic and Valuation Services Section regularly surveys FVS professionals to get a sense of the state of the practice today and the trends these professionals will face in the short term. According to the recent 2014 AICPA Survey on International Trends in Forensic and Valuation Services, done in conjunction with CPA Canada, there is currently a healthy demand for forensic and valuation services, and very strong growth potential for the future. This is good news.
The survey found that 76 percent of forensic and 54 percent of valuation respondents expected their practices to grow, with the majority expecting growth of between 10 percent and 50 percent over the next two to five years.
Here are a few predictions — by practice area — from the survey:
Continue reading "Increased Demand Predicted for Forensic and Valuation Services" »
A wise man once said to seek the advice of people that have been there before you. When employment numbers among forensic accountants are projected to expand at an average rate of 9.6% per year through 2018, the need for CPAs experienced in forensics has never been greater. The AICPA has launched the CFF® Mentor Program to meet the demand of CPAs looking for a formal mentoring program to continue their growth and expand their knowledge within forensic accounting.
Continue reading "Value of Mentorship Realized in New CFF Program" »
I am live blogging from today's AICPA Insights Live webcast, Voices of Fraud: Learning from the Perpetrator. This webcast is part of a new fraud series entitled "Voices of Fraud" and will focus on real world stories from experienced fraudsters. By analyzing the fact pattern that allowed the fraud to occur, we'll learn how to detect fraud within an organization. The webcast also focuses on methods to help prevent opportunities for fraud to occur in the future. (Email subscribers can read the live blog on our website.) Be sure to explore the other webcasts in the AICPA Insights Live series.
Continue reading "Real World Stories from Experienced Fraudsters" »
Where do attorneys turn when they need to make a compelling
case on a critical financial issue? That question can be answered by
considering what kind of expert witness they employ. In a recent compilation of accounting expert witnesses who
have been mentioned in court opinions or decisions in 2013, the vast majority
were CPAs. (Disclaimer: The article
was by Ashish Arun with Expert Witness Profiler. AICPA FVS
Section Members receive a discount to Expert Witness Profiler, but we
were not involved in this study.) Among the 189 accounting experts cited, 166 were CPAs. For those with specialized
credentials on top of the CPA, the AICPA’s credentials were clearly preferred
over those of other credentialing organizations. The Certified in Financial Forensics
credential took the number two spot at 58 experts and the Accredited in Business
Valuation credential took number three with 54 testifying experts. The CVA at
31, CFE at 30 and the ASA at 18 were well behind the AICPA credentials on this
Continue reading "AICPA Forensic Accounting Credentials Are Attorneys’ Top Choices" »