Many CPA’s work in traditional public Accountants Glasgow firms. Over the years they spend time in tax, audit or consulting. The tax, audit, consulting and management departments in larger accounting firms are often distinct with little cross-training. Accountants in smaller accounting firms often work in multiple engagements throughout a year. These usually include compilation work as well as a tax season. Compilation helps small business clients with their general financial accounting needs. It also assists with cost accounting and financial statements preparation. Other accountants are employed by companies in a variety general accounting roles. The young accountant almost always reports directly to another CPA if he is early in his career. Some have gained the experience by working in both public as well private accounting.
The transition to forensic accountant is relatively easy from a technical standpoint. There is a lot to learn but most CPA’s who have a few years experience are able to master the essential skills required to perform the work. Many forensic accountants laugh when they admit that being expert witnesses was something they were drawn to because of the grind of their traditional accounting career. Many people enjoy the physical and mental challenge of a deposition. An expert witness practice is like family law. There are no two days exactly alike. Clients, lawyers, and issues all have their own unique characteristics. This distinction attracts a unique breed of personality to expert witness world.
CPAs often maintain their tax or audit procedures while building their forensic accounting businesses. When they are ready to move on to being an expert witness, and/or business value expert, many CPAs will continue to work as part-time CPAs. Expert witnessing is often combined with business valuation. However, the universes can be quite distinct. Important distinction is that business valuation is more than the realm of CPA’s. Many organizations recognize business valuation experts. Most expert witness accountants are CPAs. Over time experts build relationships with a core group if lawyers. A core group of 20 leading litigators often calls upon the forensic accountant to provide expert witness services. Similar to a family-law practice, growing your practice means more money through the use of assignments done by other CPA’s. Marketing professional services is one the least favorite activities for accountants. Many people don’t do it well. Expert witnesses who have been successful in their profession interact with lawyers at American Bar Association meetings. Forensic accounting professionals often send out mail and invite lawyers to lunches. They also advertise.