![Page 1: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/1.jpg)
© 2019 Association of Certified Fraud Examiners, Inc.
Building Your Fraud
Examination Practice
Managing Client Expectations
![Page 2: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/2.jpg)
© 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.
![Page 3: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/3.jpg)
© 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.
![Page 4: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/4.jpg)
© 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
![Page 5: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/5.jpg)
© 2019 Association of Certified Fraud Examiners, Inc. 5 of 27
Receiving the Initial Phone Call
▪ Common conundrums:
• Timeline
• Lacking expertise
• Unable to answer questions
![Page 6: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/6.jpg)
© 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.
![Page 7: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/7.jpg)
© 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
![Page 8: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/8.jpg)
© 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
![Page 9: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/9.jpg)
© 2019 Association of Certified Fraud Examiners, Inc. 9 of 27
Sealing the Deal
▪ Common conundrums:
• No money
• Nervous about engagement letter
• Testimony “requirements”
![Page 10: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/10.jpg)
© 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?
![Page 11: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/11.jpg)
© 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.
![Page 12: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/12.jpg)
© 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
![Page 13: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/13.jpg)
© 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.
![Page 14: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/14.jpg)
© 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.
![Page 15: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/15.jpg)
© 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
![Page 16: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/16.jpg)
© 2019 Association of Certified Fraud Examiners, Inc. 16 of 27
Case Closed
▪ Retaining
documents
▪ Follow-up work
▪ Referrals and
testimonials
![Page 17: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/17.jpg)
© 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.
![Page 18: Building Your Fraud Examination Practice€¦ · Managing Client Expectations Managing client engagements starts from the initial phone call through the close of the case. It is often](https://reader033.vdocument.in/reader033/viewer/2022050213/5f5f7dcf688da66f9c5db90a/html5/thumbnails/18.jpg)
© 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