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Forensic Accounting

Fraud-AwarenessFreed Maxick CPAs, P.C. has Western and Upstate New York’s premier group of forensic accountants. Freed Maxick’s expertise in forensic accounting and litigation support provides the winning edge in investigative, civil, and criminal matters in Buffalo, Rochester, Syracuse, Albany and Upstate & Western New York (NY) such as:

  • Forensic Audits
  • Damage Calculations
  • Due Diligence and compliance audits
  • Investigation of fraud, money laundering, or embezzlement
  • Analysis of accounting issues in complex commercial litigation
  • Bankruptcy or business proposal analysis
  • Reconstruction of accounting records
  • Preparation or analysis of insurance claims
  • Participation in settlement negotiations
  • Identification of departures from customary business practices or professional standards
  • Expert witness testimony for demonstration/ communication purposes.

Forensic Accounting is an investigation to test for abnormalities within an accounting system. It is also commonly known as a fraud investigation; and usually involves misappropriation of assets or fraudulent reporting.

Forensic Accounting Engagement Phases

A typical forensic engagement with Freed Maxick CPAs, P.C. includes the following processes:

  1. Pre-engagement and Planning Procedure Phase
    1. Fact Finding and basic firm overview
    2. Conflict of Interest
    3. Prepare preliminary fee estimate
    4. Determine scope of engagement and develop agreement with client
  2. Investigation Phase
    1. Ascertain financial records, legal procedures
    2. Identify & evaluate fraud exposure
    3. Obtain & inspect relevant documents
    4. Plan & conduct interviews
    5. Evaluate evidence
  3. Reporting and Wrap-up Phase
    1. Prepare investigative findings
    2. Discuss w/ client & client’s attorney
    3. Prepare reports and/or testify

Each forensic engagement stands on its own merits. The initial meeting with the client in which the scope of work is determined, also defines the extent of the procedures to be utilized throughout the investigation. The above is a general outline and should be used as a guide – the nuances of each engagement are what render them unique.

CONTACT US to learn more about our Consulting Services.

ABOUT US: Freed Maxick CPAs, P.C. is Western and Upstate New York’s (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides audit, tax and consulting services to closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.