It's very difficult to estimate the fees of a forensic audit because usually the extent of the issues is not known at the beginning of the engagement. For instance, one issue may initiate a forensic audit but during the course of an engagement other issues come to light. Based on our experience, the best way to proceed with a forensic audit is the phased approach. The anticipated work and fees of each phase are determined before the work is started. Depending on the results of the first phase, the work may move onto other phases as needed. Work is billed based on hourly rates and time expended.
The timing of a forensic audit depends on many factors and is difficult to predict. Working on a phased approach helps you control the time and cost.
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