Important Changes in Standards for Financial Damages Experts

Intro by Bryan Strawbridge, Frost Brown Todd LLC

While all CPAs are governed by industry standards promulgated by the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, until recently, there were no other further standards directed at those specifically providing forensic services, including financial damage analyses.  As Jay Cunningham, CPA/CFF, CVA, MAFF, of Katz, Sapper & Miller, recently penned in The Indiana Lawyer, these experts now have more concrete guidance on how to perform their work.  The AICPA issued its first Statement on Standards for Forensic Services (SSFS 1), which directs all such experts to follow certain best practices in preparing analyses and reports and providing other investigation or consulting work.  Additional information regarding these evolving standards is available here.

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