The Smart Way to Hire a Forensic Accountant for Your Company

What Is a Forensic Accountant and What Do They Do?

The role of forensic accounting in modern business

A forensic accountant is a financial expert who investigates, analyzes, and documents irregularities in accounting and financial data. Unlike traditional accountants who focus on everyday tasks like bookkeeping, tax preparation, and financial reporting, forensic accountants dig deeper—looking for patterns, fraud, or evidence of wrongdoing.

Their goal? To follow the money and uncover the truth behind suspicious transactions.

Whether you're a small business owner noticing strange charges or a growing startup preparing for a merger, knowing how to hire a forensic accountant can help you detect fraud early, resolve disputes, and prevent long-term damage.

Key tasks: fraud detection, litigation support, financial analysis

Here’s what a forensic accountant typically handles:

• Fraud detection: Tracing unauthorized payments, falsified records, or internal theft

• Litigation support: Preparing financial documents and reports for court

• Asset tracing: Following the money across accounts, departments, or even borders

• Loss quantification: Calculating damages from theft, breach of contract, or negligence

• Due diligence: Validating financial claims during mergers or business acquisitions

Forensic accountants work with legal teams, executives, and sometimes law enforcement. Their reports must be clear, factual, and defensible—especially when presented in a courtroom.

Learn more about essential financial roles in What Are Back Office Operations in Accounting?

Forensic accounting vs. traditional accounting

It’s important to know the difference:

• Traditional accountants maintain financial records, handle taxes, and ensure compliance

• Forensic accountants investigate financial anomalies and prepare evidence for potential legal use

Both roles are valuable—but if you're facing suspicion of fraud, legal action, or business disputes, you need to hire a forensic accountant, not just a bookkeeper or CPA.

When Should You Hire a Forensic Accountant?

Signs of internal fraud or theft

One of the most common triggers for hiring a forensic accountant is suspected employee fraud. If you’ve noticed:

• Unusual transactions or duplicate payments

• Missing inventory or unbalanced ledgers

• Vendor payments that don’t make sense

• Employees being defensive when asked about money-related tasks

…then you likely need to bring in a financial investigator.

Forensic accountants can:

• Review your financial systems and records

• Trace suspicious activity across multiple platforms

• Identify weak internal controls

• Recommend process changes to prevent future issues

Read How to Scale Your Business Without Burning Out for tips on building support systems during growth.

Business disputes and shareholder conflict

Partnerships don’t always go smoothly. If partners disagree about revenue, expenses, or profit shares, forensic accountants act as neutral investigators. They can:

• Reconstruct missing or unclear records

• Review profit allocation

• Prepare data to support legal or arbitration proceedings

This often de-escalates conflict and provides clear financial context that helps resolve disputes.

Legal action, audits, or financial irregularities

If your business is facing:

• An IRS audit

• A lawsuit involving breach of contract or financial misrepresentation

• A whistleblower complaint

…a forensic accountant becomes a key part of your defense.

They ensure your financial records are clean, complete, and presented in a way that aligns with legal standards. They can also serve as expert witnesses if the case reaches court.

Explore Remote Workers Tax Deductions for additional insights on managing risk and compliance.

Proactive risk management in growing companies

Even without an urgent problem, hiring a forensic accountant proactively is a smart move—especially if:

• Your business is scaling quickly

• You manage large amounts of cash or vendor payments

• You're preparing for a funding round or acquisition

Many founders think forensic accounting is only for emergencies. In truth, it’s a powerful tool for building investor trust, identifying weaknesses, and future-proofing your financial systems.

How to Find and Vet a Forensic Accountant

Where to search

If you’re ready to hire a forensic accountant, start with:

• AICPA Forensic & Valuation Services Directory

• ACFE (Association of Certified Fraud Examiners) global listings

• LinkedIn, filtered by credentials like CFF, CFE, or CPA

• Referrals from legal counsel or trusted CPAs

• Online platforms like Toptal or Clarity.fm for short-term consulting

See The Ultimate Guide to Hiring Top International Talent for sourcing vetted remote professionals.

Credentials to look for: CPA, CFE, CFF

A qualified forensic accountant should hold at least one of the following:

• CPA (Certified Public Accountant) – Broad financial expertise

• CFE (Certified Fraud Examiner) – Focus on fraud prevention and investigation

• CFF (Certified in Financial Forensics) – Specialization in forensic accounting and litigation support

Bonus: Look for experience in your specific industry (e.g. real estate, ecommerce, SaaS) or region.

Questions to ask during screening

Interviewing a forensic accountant isn’t just about price—it’s about approach, ethics, and communication.

Ask:

• “Can you describe your process for identifying fraud?”

• “Have you ever testified in court or worked with legal teams?”

• “How do you protect client confidentiality?”

• “Do you have sample reports or anonymized case studies?”

You’re looking for someone who is detail-oriented, ethical, and skilled at explaining complex findings.

See Best Practices for Hiring the Right Candidates to avoid critical missteps during selection.

What to expect in their portfolio or case experience

Top forensic accountants will have:

• Clear examples of financial reports and findings

• Experience working with attorneys or regulators

• Stories that showcase problem-solving and outcomes

• Familiarity with your accounting systems or tools (e.g., QuickBooks, NetSuite, Xero)

Don’t hesitate to ask for references—especially from legal teams or prior clients with similar cases.

What Does It Cost to Hire a Forensic Accountant?

Hourly vs. project-based pricing models

Forensic accountants typically bill in two ways:

• Hourly rates: Ranging from $150 to $400/hour depending on their location, experience, and credentials. This model works well for small, focused investigations or consultations.

• Project-based pricing: If your case has a clear scope (e.g., a 3-month asset review or a legal dispute), a flat rate can offer more predictable budgeting. Project fees usually start around $3,000–$5,000, but can rise significantly for complex or court-involved work.

If you're hiring internationally, you may find experienced professionals in countries like India or the Philippines charging $75–$150/hour, particularly if they have U.S. or U.K. accounting experience.

For tips on hiring globally, visit How to Hire Top Talent Without Breaking the Bank.

Cost ranges by location and complexity

Region	Typical Hourly Rate	Complex Case Estimate
United States	$200–$400	$5,000–$20,000+
UK & Western Europe	£150–£350	£4,000–£15,000
Offshore (e.g. Philippines, Eastern Europe)	$75–$150	$2,000–$8,000

Complexity factors include:

• Whether litigation is involved

• Number of accounts or entities to review

• Historical time frame (1 year vs. 5 years)

• Document volume and system complexity

Always request a formal proposal outlining scope, milestones, and payment structure before you proceed.

How to avoid overpaying or under-scoping the work

To protect your investment:

• Define your goals clearly: Is it an internal review, legal prep, or risk prevention?

• Ask for a phased engagement: Start small and expand as needed.

• Use milestone payments: Tie fees to deliverables instead of time alone.

• Request regular updates: Keep communication frequent to avoid misunderstandings.

Need help structuring a forensic project? Visit How to Achieve Efficient Back Office Operations for insights on systems and workflows.

How to Work with a Forensic Accountant

Preparing documents and system access

Set your forensic accountant up for success by preparing:

• Access to your accounting software (e.g., Xero, QuickBooks, NetSuite)

• PDFs or digital copies of bank statements, invoices, and payroll

• Any HR or legal documents tied to the issue (e.g., contracts, complaints, claims)

• User access logs, email communication, or transaction histories (when relevant)

Use encrypted tools like Egnyte, Dropbox Business, or Google Drive with MFA for secure document transfer.

Review Remote Support with TeamViewer for best practices around secure digital collaboration.

Communication and confidentiality

This work often involves sensitive information. Here’s how to manage it:

• Sign NDAs early: Always protect your data

• Limit access: Share only what’s needed to avoid risk

• Set expectations: Define how often you’ll meet and who’s involved

• Create a shared folder or dashboard: Track progress and questions in one place

Strong collaboration ensures your forensic accountant works efficiently and avoids scope creep.

Reviewing reports and acting on findings

The final deliverables may include:

• A written summary of findings

• Reconstructed ledgers or corrected transactions

• Visualizations (charts, timelines) of financial movement

• Recommendations for internal controls

• Evidence packages for court or arbitration

Make sure you understand the findings. A good forensic accountant will explain things in plain language, not just deliver spreadsheets.

Then act. Whether that means legal follow-up, personnel changes, or new internal controls, don’t sit on the results.

Need help executing follow-up tasks? Learn how to delegate in Guide to Hiring Back-Office Operations.

Still Thinking About Hiring a Forensic Accountant?

Don’t wait for financial problems to escalate. Whether you need to resolve a conflict, investigate suspicious activity, or ensure accurate reporting, hiring a forensic accountant is a proactive move. Protect your business today by partnering with a qualified expert who knows where to look—and how to act fast.

Final Considerations Before You Hire a Forensic Accountant

Before you commit, walk through this checklist:

• Do they have the right certifications (CPA, CFE, CFF)?

• Have they worked on cases like yours (fraud, litigation, audits)?

• Did they provide references or anonymized reports?

• Are they clear on timeline, deliverables, and confidentiality?

• Do they explain complex financial matters in plain language?

Hiring a forensic accountant isn’t just about uncovering fraud—it’s about protecting your business, your people, and your peace of mind.

Many businesses wait too long and pay the price. If you’ve noticed red flags or just want to prevent future problems, the time to act is now.

Explore Streamline Your Back-Office Operations with Virtual Talent for building a well-rounded team that supports accuracy and growth.

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

• What Is Forensic Accounting?: AICPA – www.aicpa.org

• Fraud Prevention and Detection Resources:  ACFE – www.acfe.com

• Forensic Accounting Case Examples:  Forensic CPA Society – www.fcpas.org

• Secure File Transfer and Remote Access: Egnyte – www.egnyte.com