TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
There has been some talk on this forum over the past few months of members desiring to obtain a forensic audit of their Association. This can be extremely expensive. In doing research it appears an average is $180 per hour for the forensic accountant and $60 per hour for support staff.
Members should be aware that there are other services provided by accountants and accounting firms that may provide you with the same answers you are looking for. These different services have been previously discussed and I refer you to the following thread in this forum:
http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/118391/view/topic/Default.aspx
Subject: Financial Audits, Reviews or Compilation Which do you use?
If you still desire to look into forensic audits, I offer the following resources:
Avoiding The Costs of a Forensic Audit Article on an Accounting firms website. Of specific note is the following excerpt from the article:
Forensic accounting or auditing is considered to be a new specialized field in accounting. And accountants who want specialize in this field ,enhance their skills with additional studies in forensic accounting. Hence it is so costly. Investigations into amounts as small as $20 000.00 can cost an organization as much as $25 000.00 in audit and legal fees!
Frequently Asked Questions page from a forensic accounting firm
Is forensic accounting to catch possible losses worth it? from proformative.com
Working With Forensic Accountants to Control Litigation Costs - The Phase Approach a pdf document
If interested in more resources, simply do an internet search on using cost of a forensic audit or HOA audits
Members should be aware that there are other services provided by accountants and accounting firms that may provide you with the same answers you are looking for. These different services have been previously discussed and I refer you to the following thread in this forum:
http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/118391/view/topic/Default.aspx
Subject: Financial Audits, Reviews or Compilation Which do you use?
If you still desire to look into forensic audits, I offer the following resources:
Avoiding The Costs of a Forensic Audit Article on an Accounting firms website. Of specific note is the following excerpt from the article:
Forensic accounting or auditing is considered to be a new specialized field in accounting. And accountants who want specialize in this field ,enhance their skills with additional studies in forensic accounting. Hence it is so costly. Investigations into amounts as small as $20 000.00 can cost an organization as much as $25 000.00 in audit and legal fees!
Frequently Asked Questions page from a forensic accounting firm
Is forensic accounting to catch possible losses worth it? from proformative.com
Working With Forensic Accountants to Control Litigation Costs - The Phase Approach a pdf document
If interested in more resources, simply do an internet search on using cost of a forensic audit or HOA audits