AICPA rates valuation and damages calculation skills as most essential for forensic accounting engagements

The AICPA’s Forensic and Valuation Services Center just released “Characteristics and Skills of the Forensic Accountant,” a report commissioned to determine the essential traits and core skills forensic accountants should possess to be effective investigators. Based on a survey of attorneys, academics and CPAs, the report results indicate economic damages calculations and valuation were two of the top four specialties required for a forensic accountant.

The research also revealed that the top five most frequent reasons why forensic accountants are ineffective:

  • Inability to simplify the information
  • Ineffective oral communication
  • Inability to understand the goals of a case
  • Inability to identify key issues
  • Lack of investigative intuitiveness