May 2023

On average a Forensic Accounting Report can cost anywhere from $5,000 to $50,000 and typically,  non-complex matters can range between $7,500 and $15,000. The hourly rate of a Forensic Accountant can range from upward of $400 per hour depending on the firm and the State in Australia you live in.
 

The more complex the matter, the more cost will be incurred. Civil matters, such as marriage breakdown settlements and deceased estates can range from being straightforward to being complex. Some matters can commence simple enough and turn complex. For example, deceased estates can become complex, due to what we call ‘Beneficiary Distribution Barriers.’ The barriers that we refer to include, for example, poorly written wills, unclear Executor and or beneficiaries’ perceived entitlements, premature property transfers, property arrangements made under duress and people, in general, attempting to seek more than they are entitled to, for whatever reason. This can make forensic accounting by way of asset and liability determination and written financial arrangements retrieval, an essential part of the process.

 

Forensic Accountants can assist in asset valuations, following the money trails and assisting the courts in determining what is and is not available for beneficiary distribution, in the most equitable means possible. For whatever reasons that an examination is needed through a forensic accounting lens, when obtained early in the proceedings, it can often answer a lot of questions.

 

As a potential expert witness, the Forensic Accountant is to be independent as his or her paramount duty is to the court. The Forensic Accountant is to provide an independent and un-bias report or provision of services, at all times. The client and their legal team can then be assured that they have an un-bias position on the matter and assess their position.

 

Civil matters can be as complex as criminal matters. Criminal matters such as fraud, arson, money laundering and drug trafficking, can also range from simple, to extremely lengthy legal proceedings. The costs to produce Forensic Reports depend on the complexity of the matter, the nature of the records available, i.e. whether the records need reconstructing or are readily accessible, and a whole range of other factors. The more experienced the Forensic Accountant is, the quicker he or she may be able to produce the report and potentially see what others may not see, which can potentially save costs.

 

There is generally no harm done in requesting Forensic Accounting Services either in the form of a report or otherwise, as it can only assist the courts in producing the right decision. Obtaining a Forensic Accounting Report early on in the proceedings to resolve the matter, compared to the total costs of lengthy legal proceedings, which may include trial costs, may see the cost of a Forensic Accounting Report become a drop in the ocean.

 

You can always discuss the need for Forensic Accounting Services with your legal representatives or make a time to meet up with a Forensic Accountant and discuss the matter with them directly.

 

For peace of mind, discuss the matter of needing forensic accounting services as early on in the process as possible.