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Four Questions About Forensic Expertise to Law Firms

A few years ago, I took part in a seminar organized by the American Association of Certified Public Accountants (AACPA). The topic was forensic accounting, and there were quite a number of topics discussed. Among those which were most popular were tax law, corporate fraud, and accounting firms specializing in forensic accounting. Many people ask me whether this is still relevant today, and what role can forensic accounting play in today's complex world?

The first part of the question posed to me was whether it is still relevant today, considering all the advancements that have been made in the past eight years. I was actually surprised that the question came up, given that technology has advanced by such a wide margin during that time. To go back to the question posed in the title, digital forensics experts are hired by accounting firms to analyze financial records that might be difficult to manipulate, in order to either clear the individual of criminal liability or show that the corporation had no knowledge of the illegal act in which the defendant was involved.

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The question posed to me was whether the use of such expert witness would have any relevance today. One of the challenges of our times is identifying behavior, trends, and anomalies that may occur over an extended period of time. In addition, the phenomenon of corporate fraud has existed for at least eight years, given that the shareholders must have known about the fraudulent activity going on for that period of time. Given all of these factors, I believe that the use of digital forensics experts has no place in the present day.

The second part of the question posed to me deals with the question of ownership and control of a company. This issue became particularly relevant following the recent merger of Enron and WorldCom, and the way in which the government and regulators reacted to the situation. It turns out that the majority of people believe that Enron had close to a 90% share of the market for energy, while the actual cpa's (customer-employee) and shareholders were only a few percent. So, as the government regulators attempted to bring about charges against the former Enron CEO, it was discovered that Enron's CFO, once the largest stock holder, had already transferred his shares to a firm tied to the acquisition of the energy firm. Although there was a court battle which resulted in the dismissal of charges against the former CEO, the fact remains that there were many stockholders who favored selling their shares to this new owner.

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The third part of the question posed to me is as to whether I am in a position to manage my own accounting books. I believe that I can, since I have had experience as both a bookkeeper and accountant for thirty years, including managing accounts at the small business level. I also have a strong desire to be the CFO of a major international firm, since the business is so large and represents a multiple billion dollar enterprise.

The fourth area was do I think that a management consulting firm providing primarily tax planning services is in a position to provide adequate litigation support and accounting support? As I have said before, I consider litigation support and accounting to be integral aspects of the services that a firm provides. Therefore, I do believe that a management consulting firm can help law firms in their areas of responsibility. I will add that my firm does not provide tax planning or accounting services and we are frequently referred to as a tax planning and accounting firm, even though we strictly do not provide these services.

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