Frequently Asked Questions...
What is forensic accounting?
The term "forensic" means pertaining to the law." In forensic accounting, we work on complex financial cases that could end up in the court of law. There are many different specializations within forensic accounting, including divorce forensic accounting, fraud prevention, fraud investigations, economic damage calculations, securities fraud, and business valuations. We specialize in divorce forensic accounting, fraud prevention & investigations, and mediation services. Check out our blog post for more information about forensic accounting.
https://www.carsonmadison.com/post/what-is-forensic-accounting
What is a forensic accountant's role in a divorce?
We offer divorce mediation services for couples wanting to reduce legal fees and speed up the process of divorce. We help with conflict resolution regarding property distribution, custody arrangements, child support, and/or alimony payments.
Having a complete financial picture regarding all marital assets is very important in a divorce. One service we provide is searching for unknown or hidden assets. We assist divorce attorneys, and their clients, in identifying assets that are unknown or hidden by one spouse. We also determine business income, value marital assets, and perform complex financial calculations. Check out our blog post for more information regarding our roles in a divorce case.
https://www.carsonmadison.com/post/what-role-does-a-forensic-accountant-play-in-divorce-cases
How much do you charge?
MEDIATION FEES:
Our hourly fee for mediation is $125/hour per party. While the goal of mediation is to come to an agreement, the mediator does not guarantee this will happen. The parties are responsible for the full fee, regardless of the outcome of the mediation session.
DIVORCE FORENSIC ACCOUNTING FEES:
Each divorce forensic accounting case is unique, and our fees vary based on the scope of the engagement. Our hourly rates for divorce forensic accounting are $350/hour for a CPA/Forensic Accountant and $150/hour for administrative tasks. Once we determine the scope of the project, we provide an estimate based on how long we anticipate the project to take. The retainer for our divorce forensic accounting services typically starts at $7,500 and is payable in advance.
We are usually hired through an attorney, and our initial phone consultation with the attorney is complimentary. Once the attorney decides to move forward, we schedule a more in-depth video consultation with the attorney, and their client, to discuss the services they are interested in. The fee for the 2nd consultation is $350. At that time, we determine the estimated fee for the project based on several factors, including the length of the marriage, number of accounts, and the number of years of financial data we must go through. The client receives a written quote detailing the scope of the project and the estimated fees.
FRAUD PREVENTION FEES:
Fraud prevention services are billed at a rate of $125/hour per forensic accountant. Our initial phone consultation with the client is complimentary. Once the client decides to move forward, we typically schedule an on-site fraud risk assesment to learn more about the company and their fraud risk. The fee for the fraud risk assesment varies based on the size of the organization and location of the client. After we complete the fraud risk assessment, we determine the estimated fee for our fraud prevention services. The client receives a written quote detailing the estimated fees.
FRAUD INVESTIGATION FEES:
Each fraud case is unique, and our fees vary based on the scope of the engagement. Our hourly rates for fraud investigations are $350/hour for a CPA/Forensic Accountant and $150/hour for administrative tasks. Once we determine the scope of the investigation, we provide an estimate based on how long we anticipate the investigation to take. The retainer for our fraud investigation services typically starts at $7,500 and is payable in advance.
Our initial phone consultation with the client is complimentary. Once the client decides to move forward with our services, we schedule an on-site visit to learn more about the case. The fee for the on-site visit varies based on the size and location of the client. During the on-site visit, we determine the scope of the investigation. After the on-site visit, the client receives a written quote detailing the estimated fees.
Why do you collect a retainer in advance for some of your services?
Our divorce forensic accounting services must be performed in an unbiased manner. We are not an advocate for the client. That is the attorney's job. We are an advocate for our financial opinion. We cannot guarantee our findings will benefit the client's case. We collect a retainer in advance to ensure we are paid for the time and effort we put into the project.
Our fraud investigation services also must be performed in an unbiased manner, and there is no guarantee that evidence of fraud will be discovered during our investigation. We collect a retainer in advance to ensure we are paid for the time and effort we put into the investigation.
The retainer for fraud prevention services allows us to begin developing a fraud risk management program that is tailored to each client.
Do you offer refunds?
Divorce forensic accounting, fraud prevention, and fraud investigation retainers are due in advance before we start working on each case. Once our work begins, we do not offer refunds.
What is virtual mediation?
We offer in-person and virtual mediation services. Virtual mediation is mediation conducted online through zoom. The meeting begins in a joint session and then breaks off into private sessions where a mediator tries to help the parties come to an agreement regarding certain decisions, such as property division, custody arrangements, child support, and/or alimony payments. While the goal of mediation is to come to a resolution, the mediator does not guarantee the conflict will be resolved. Check out our blog post to learn more about the benefits of virtual mediation.
https://www.carsonmadison.com/post/benefits-of-virtual-mediation
What are the benefits of mediation?
There are many benefits to completing a mediation session in a divorce. Mediation is more cost effective than going to court and it is conducted in a private confidential setting. We offer in-person and virtual mediation services. Virtual mediation can be completed from anywhere through the Internet. The parties do not even have to leave their home to complete it. Many times, the parties end up with a better relationship after mediation than they would if they went to court. Also, the divorce process is expedited, so both parties can start moving own with their lives. Check out our blog post to learn more about the benefits of virtual mediation.
https://www.carsonmadison.com/post/benefits-of-virtual-mediation
