I am an accountant and I am familiar with the process of forensic accountanting, even though I do not have any direct experience in it.
As others mentioned, it can be very expensive, you are looking at anywhere from $150-$350 per hour per accountant and forensic accountants typically are looking through numerous files in detail and it can be very time consuming. At times they really don't know what they are looking for, it is almost "a needle in a haystack." So the costs have to outweigh the benefits.
Foresnsic accountants typically work with attorneys on cases for financial support, as the attorneys typically determine if there is enough money to make it all worth while.
Another issue you may have, is you mentioned that someone opened accounts in your name, well how are these accountants supposed to get access to these accounts? Companies do not just offer people the access to view all of their data, you would have to get a court order.
As you can see the costs keep going up. So from your brief description it probably is not feasible for you to pursue this unless you want to do a lot of the grunt work yourself. Typically foresnsic accountants get involved with large corporate settlements to determine the exact losses, disputes with partners in business valuations and with divorces with large assets. Unfortunately there is not enough money in it to chase around anything less than $10,000, which is on the low side. It the lawyers settled for $10 gs and they get 33% and the accountants get another say 20% there is not much left for all of the time and effort involved.
I hope this helps, you should analyze if this pursuit is worth the time and money.
mooose
I am an accountant and I am familiar with the process of forensic accountanting, even though I do not have any direct experience in it.
As others mentioned, it can be very expensive, you are looking at anywhere from $150-$350 per hour per accountant and forensic accountants typically are looking through numerous files in detail and it can be very time consuming. At times they really don't know what they are looking for, it is almost "a needle in a haystack." So the costs have to outweigh the benefits.
Foresnsic accountants typically work with attorneys on cases for financial support, as the attorneys typically determine if there is enough money to make it all worth while.
Another issue you may have, is you mentioned that someone opened accounts in your name, well how are these accountants supposed to get access to these accounts? Companies do not just offer people the access to view all of their data, you would have to get a court order.
As you can see the costs keep going up. So from your brief description it probably is not feasible for you to pursue this unless you want to do a lot of the grunt work yourself. Typically foresnsic accountants get involved with large corporate settlements to determine the exact losses, disputes with partners in business valuations and with divorces with large assets. Unfortunately there is not enough money in it to chase around anything less than $10,000, which is on the low side. It the lawyers settled for $10 gs and they get 33% and the accountants get another say 20% there is not much left for all of the time and effort involved.
I hope this helps, you should analyze if this pursuit is worth the time and money.
mooose
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