Zysman
outlined the following steps in
executing forensic accounting assignment
(i)
Meet with the
client to obtain an understanding of the important facts, players and issues at
hand.
(ii)
Perform a
conflict check as soon as the relevant parties are established.
(iii)
Perform an
initial investigation to allow subsequent planning to be based upon a more
complete understanding of the issues.
(iv)
Develop an action
plan that take into account the knowledge gained by meeting with the
client and
carrying out the initial investigation and which will set out the objectives to
be achieved and the methodology to be utilized to accomplish them.
(v)
Obtain the
relevant evidence- this may involve locating documents economic information,
asset, a person or company, another expert or proof of the occurrence of an
event.
(vi)
Perform the analysis
–this may involve calculating economic damages, summonsing a large number of
transactions; performing a trace of assets; performing present value
calculations utilizing appropriate discount rates; performing a regression or
sensitivity analysis; utilizing charts and graphics to explain the analysis;
utilizing a computerized application such as spread sheet, data base or
computer model.
(vii)
Prepare the
report- often a report will be prepared which may include sections on the
nature of the assignment, scope of the investigation, approach utilized,
limitations of scope and findings and or opinions. The report will include
schedules and graphics necessary to properly support the explanation. Joshi
(20030 stated that the job demands reporting, where the accountability of the
fraud is established and the report is considered as evidence in the court of
law or in the administrative proceedings.