Forensic Accounting Help: Knowing the Right Time to Bring in a Pro

What Does a Forensic Accountant Do?

Investigating fraud and financial irregularities

A forensic accountant is a financial expert trained to detect, investigate, and document fraud, embezzlement, and suspicious financial activity. These professionals dig deep into transactions, books, and digital records to identify where money is being misused or concealed.

Unlike traditional accountants who focus on day-to-day bookkeeping or tax filing, forensic accountants specialize in uncovering hidden problems that can harm your business financially or legally.

For broader context, see What Are Back Office Operations in Accounting?.

Providing litigation support and expert testimony

Forensic accountants are often hired to assist during lawsuits, financial disputes, or fraud claims. Their role includes:

• Tracing assets or money trails

• Preparing reports for legal use

• Explaining financial findings in court

• Supporting attorneys with evidence review

In some cases, they are brought in before litigation to prevent escalation or to support arbitration or internal resolution.

Handling insurance claims, divorce, and business disputes

These experts are not limited to corporate fraud cases. They also help with:

• Divorce cases where assets are hidden or understated

• Insurance claims involving business interruption or fraud

• Business partnership splits, shareholder exits, or dissolutions

Their goal is to make the financial truth clear—using documents, interviews, and investigative tools.

Top Reasons to Hire a Forensic Accountant

Internal fraud or employee theft

If you’ve noticed strange transactions, missing funds, or suspicious vendor activity, it may be time to search for a forensic accountant for hire. They can:

• Trace unauthorized payments

• Review access logs or software trails

• Detect falsified records or double entries

This is especially important for businesses that lack internal controls or have one person managing multiple finance roles.

For more on outsourcing financial support, read Accounting Virtual Assistants.

Partner or shareholder conflicts

Disputes over business performance, revenue sharing, or alleged misconduct often require neutral financial investigation. A forensic accountant can:

• Conduct an independent review

• Reconstruct missing or manipulated data

• Provide unbiased reports for legal or arbitration use

See Tips for Effective Team Management for maintaining transparency during transitions.

Financial due diligence in M&A or exit planning

Planning to buy or sell a business? A forensic accountant can verify whether the books truly reflect the business’s financial health. This includes:

• Confirming revenue and profit claims

• Spotting off-balance-sheet liabilities

• Verifying tax filings and audit trails

Due diligence often makes or breaks deals. For tips, check out How to Run a Small Business Profitably.

Asset tracing or suspicious transactions

Forensic accountants can follow the money—even across multiple accounts, currencies, or regions. This is useful for:

• Tracking misappropriated funds

• Identifying shell companies or off-book payments

• Reviewing transactions tied to compliance risk

If your business handles large volumes of cross-border payments or crypto activity, hiring a forensic accountant adds an important layer of oversight.

What to Look for in a Forensic Accountant for Hire

Certifications (CPA, CFE, CFF)

Strong candidates should hold one or more of the following credentials:

• CPA – Certified Public Accountant

• CFE – Certified Fraud Examiner

• CFF – Certified in Financial Forensics (AICPA)

These certifications ensure the professional has passed rigorous standards in financial investigation and ethics.

For help with hiring across functions, visit The Ultimate Guide to Hiring Top International Talent.

Industry experience and investigative skills

Ideally, your forensic accountant should have experience in:

• Your industry (e.g. retail, real estate, SaaS)

• Types of cases similar to yours (e.g. internal theft vs. litigation support)

• Working with attorneys, regulators, or boards

Ask for anonymized case studies that demonstrate problem-solving skills and investigation outcomes.

Strong communication and discretion

Since forensic accountants often work with sensitive financial information, choose someone who:

• Communicates clearly and promptly

• Is comfortable writing detailed reports

• Can present findings to lawyers, executives, or auditors

• Agrees to confidentiality and NDAs

Clarity, precision, and trust are essential throughout the engagement.

How to Hire a Forensic Accountant for Your Business

Where to find vetted professionals

The best way to start is with reputable sources, including:

• ACFE (Association of Certified Fraud Examiners) – Global directory of CFEs

• AICPA (American Institute of CPAs) – Forensic & Valuation Services members

• State or national CPA societies – Often maintain fraud specialist lists

• Referrals from attorneys or insurance providers – Especially for litigation-based needs

• LinkedIn or specialized financial networks – Filter by CFE, CFF, CPA credentials

Explore Best Practices for Hiring the Right Candidates for tips on finding trustworthy talent.

What to ask during the interview

Vet potential forensic accountants by asking:

• “Can you walk me through your typical fraud investigation process?”

• “Have you worked with legal teams or provided expert testimony before?”

• “How do you ensure secure handling of sensitive data?”

• “Can you provide a sample report or anonymized case study?”

Also confirm their availability and whether they operate solo or with a support team.

Reviewing reports and references

A quality forensic accountant will have:

• Clear, well-organized sample reports

• Strong references from past legal or business clients

• Experience communicating findings to both technical and non-technical audiences

If they’re hesitant to share anonymized examples or discuss outcomes, that’s a red flag.

Cost of Hiring a Forensic Accountant

Hourly vs. project-based fees

Most forensic accountants charge one of two ways:

• Hourly: $150–$400/hour depending on location and specialization

• Project-based: $3,000–$10,000+ depending on complexity and scope

Some international professionals with U.S./UK experience may charge $75–$150/hour while maintaining high-quality standards.

For pricing benchmarks, visit How to Hire Top Talent Without Breaking the Bank.

Factors that influence cost

• Depth and timeframe of the investigation

• Number of accounts, entities, or systems involved

• Required documentation for legal or compliance purposes

• Whether they must testify or attend legal proceedings

Ask for a written scope of work with a budget cap or milestone billing if you're managing cost tightly.

How to protect your ROI

• Be clear about your goals and timeline

• Prioritize communication and transparency

• Use secure collaboration tools (e.g., encrypted file sharing)

• Don’t wait until fraud spirals—hire early to avoid major losses

For systemized operations that protect financial workflows, see How to Achieve Efficient Back Office Operations.

Working with a Forensic Accountant Effectively

Setting expectations and timelines

Agree upfront on:

• Investigation scope (e.g., date ranges, systems to audit)

• Key milestones and report delivery dates

• Frequency of check-ins or updates

• Stakeholders involved (e.g., legal, HR, finance)

Clear documentation upfront reduces friction and confusion mid-engagement.

Sharing access and documents securely

Prepare access for:

• Bank records, credit card statements

• General ledger, payroll, and invoices

• Email records (if needed for internal reviews)

• Prior audit reports or financial statements

Use tools like Dropbox Business, Egnyte, or encrypted Google Drive folders with 2FA.

Review Remote Support with TeamViewer for more secure collaboration strategies.

Legal documentation and ongoing support

In cases involving litigation or compliance, your forensic accountant may be asked to:

• Draft or sign affidavits

• Prepare evidence exhibits for court

• Meet with your attorney

• Testify or provide formal expert opinion letters

Ask about this early and clarify pricing if testimony is required.

When Should a Business Hire a Forensic Accountant?

Many business owners assume forensic accountants are only for Fortune 500 companies or high-stakes court battles. That’s a myth. In reality, small and mid-sized businesses are the most vulnerable to financial fraud—and often the ones who benefit most from bringing in a forensic accountant early.

Small Businesses with Limited Oversight

If your company has one or two people handling both money and recordkeeping, your risk for fraud is much higher. Even simple embezzlement schemes or invoice padding can go unnoticed for years without proper checks.

A forensic accountant can:

• Review your records for signs of manipulation

• Identify missing documentation

• Recommend fraud-prevention controls moving forward

This isn't just about catching a thief—it's about protecting your cash flow and reputation.

For more ideas on scalable protection, visit How to Scale Your Business Without Burning Out.

Fast-Growing Startups and Midsize Companies

As businesses scale quickly, financial oversight often falls behind. New tools, growing vendor lists, remote employees—all of these introduce risk.

Bring in a forensic accountant if:

• You’ve experienced frequent financial “mistakes”

• Your books don't match up with cash flow

• You’re preparing for a merger, funding round, or acquisition

A preemptive forensic review can uncover hidden liabilities before you enter high-stakes deals.

Businesses Facing Legal or Compliance Risk

If your business is being audited, sued, or investigated, a forensic accountant becomes a critical asset. They can support:

• Defense in lawsuits involving financial disputes

• Evidence collection and reporting for court

• Regulatory audits or penalties from tax authorities

Even if you’re not yet facing legal issues, having an expert review your books can reveal risks before they escalate.

In Short: Hire Before It’s Urgent

The best time to hire a forensic accountant is before things go wrong. A short-term review now can save months of stress, thousands of dollars, and permanent damage to your brand.

Final Thoughts: Choosing the Right Forensic Expert

Hiring a forensic accountant can protect your business, resolve disputes, and even prevent future fraud. Whether you’re in the middle of a financial mystery or planning a major transition, having the right expert in your corner can save time, money, and legal risk.

Remember to:

• Choose a certified, experienced professional

• Set clear expectations and budget

• Communicate regularly and securely

• Request reports that explain—not just present—findings

Need support integrating forensic accounting into your broader financial workflow? Pairing this expertise with a reliable back-office team makes your operations stronger and more scalable.

Learn more at Streamline Your Back-Office Operations with Virtual Talent.

Ready to Find a Forensic Accountant for Hire?

If you're concerned about financial irregularities, legal risk, or internal fraud, don't wait. A qualified forensic accountant for hire can give you clarity and control when it matters most. Start with a conversation—and protect the future of your business today.

About OpsArmy

OpsArmy is building AI-native back office operations as a service (OaaS). We help businesses run their day-to-day operations with AI-augmented teams across finance, admin, sales, and hiring. Our “Ops Pods” combine deep expertise, structured playbooks, and smart automation to deliver consistent results. Whether you need financial reporting, forensic analysis, or hiring support, OpsArmy helps you scale with fewer headaches and greater speed. Visit operationsarmy.com to learn more.

Sources

• Certified Fraud Examiner Directory:  ACFE – www.acfe.com

• Forensic & Valuation Services Guidance:  AICPA – www.aicpa.org

• Sample Case Studies and Expert Witness Roles:  Forensic CPA Society – www.fcpas.org

• Secure Collaboration Tools:  Egnyte – www.egnyte.com