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© 2019 Association of Certified Fraud Examiners, Inc.
Building Your Fraud
Examination Practice
Managing Client Expectations
© 2019 Association of Certified Fraud Examiners, Inc. 2 of 27
Managing Client Expectations
▪ Managing client engagements starts from the
initial phone call through the close of the
case.
▪ It is often more difficult managing client
expectations than performing the actual fraud
examination.
© 2019 Association of Certified Fraud Examiners, Inc. 3 of 27
Receiving the Initial Phone Call
▪ It’s more than money.
• Human element
• Demographics of perpetrators
▪ Explain what CFEs can do . . . and what they
can’t.
• Credentials and expertise
▪ Avoid overpromising.
© 2019 Association of Certified Fraud Examiners, Inc. 4 of 27
Receiving the Initial Phone Call
▪ Provide initial direction to
the client.
• Legal counsel
• Insurance
• Preservation of evidence
▪ Offer to meet.
• Understand client’s urgency
to start engagement
© 2019 Association of Certified Fraud Examiners, Inc. 5 of 27
Receiving the Initial Phone Call
▪ Common conundrums:
• Timeline
• Lacking expertise
• Unable to answer questions
© 2019 Association of Certified Fraud Examiners, Inc. 6 of 27
Sealing the Deal
▪ Prove they can
handle it.
• Cut through the chaos.
• Have a plan.
▪ Discuss a phased
approach.
• Suggest a limited
scope.
• Discuss fees.
• Discuss resources.
© 2019 Association of Certified Fraud Examiners, Inc. 7 of 27
Sealing the Deal
▪ Engagement letter
▪ Retainer
▪ Initial direction to client:
• Documents to obtain
• Additional evidence
preservation
• Employees’ assistance
© 2019 Association of Certified Fraud Examiners, Inc. 8 of 27
Sealing the Deal
▪ Set realistic
expectations.
• Complicating factors
• Estimated time to
complete engagement
• Prosecution timeline
© 2019 Association of Certified Fraud Examiners, Inc. 9 of 27
Sealing the Deal
▪ Common conundrums:
• No money
• Nervous about engagement letter
• Testimony “requirements”
© 2019 Association of Certified Fraud Examiners, Inc. 10 of 27
Working the Case
▪ Discuss the end game.
• Insurance claim?
• Criminal prosecution?
• Civil complaint?
▪ Discuss deliverables.
• Full report?
• Schedules only?
• Verbal only?
© 2019 Association of Certified Fraud Examiners, Inc. 11 of 27
Working the Case
▪ Discuss communication preferences.
• Communication is critical to success.
• Establish communication frequency.
• Know the point of contact for questions.
• Know the point of contact for documents.
▪ Know what is important to the client.
© 2019 Association of Certified Fraud Examiners, Inc. 12 of 27
Working the Case
▪ Provide ongoing direction to the client:
• Progress
• Difficulties
• Access to personnel and documents
© 2019 Association of Certified Fraud Examiners, Inc. 13 of 27
Working the Case
▪ Common conundrums:
• The case is more complicated
than anticipated.
• There are no signs of fraud.
• The budget is blown.
© 2019 Association of Certified Fraud Examiners, Inc. 14 of 27
Delivering Work Product
▪ To draft or not to draft.
• Issue a draft?
• Keep copies of drafts?
▪ Keep it simple.
• Do not use complicated terminology.
• Remember the audience.
▪ Prepare for testimony.
• It takes time.
• Communicate what CFEs can testify to . . . and what
they can’t.
© 2019 Association of Certified Fraud Examiners, Inc. 15 of 27
Delivering Work Product
▪ Common conundrums:
• No payment
• Client wants report
changed
• Expert has never testified
before
© 2019 Association of Certified Fraud Examiners, Inc. 16 of 27
Case Closed
▪ Retaining
documents
▪ Follow-up work
▪ Referrals and
testimonials
© 2019 Association of Certified Fraud Examiners, Inc. 17 of 27
The Expert Should:
▪ Have a plan.
▪ Know their strengths and capitalize on
them.
▪ Surround themselves with other experts.
▪ Manage their time.
▪ Manage their cash flow.
▪ Consistently market services.
▪ Deliver results.
© 2019 Association of Certified Fraud Examiners, Inc. 18 of 27
The Expert
To establish oneself in the world, one does all
one can to seem established there already.
—Francois de La Rochefoucauld
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