A forensic accountant should perform an engagement with professional care,
objectivity, and integrity. "A member shall fulfill his or her professional responsibilities
with competence and attention," according to professional care (AICPA, 2013). Being
competent indicates that forensic accountants have the professional training and skill set
necessary to carry out the task for which they have been recruited. It is the responsibility
of forensic accountants to be aware of their training and experience limitations and to
refrain from taking on a case that is outside of their area of expertise.
A forensic accountant has to first confirm their independence from all parties
involved before performing a valuation and providing expert testimony. Any association
with either party constitutes a conflict of interest, which can lead to the exclusion of their
testimony. Forensic accountants will be able to perform their inquiries with objectivity if
they are not connected to the parties at issue. The obligation to be impartial, intellectually
honest, and free of conflicts of interest is imposed by the principle of objectivity,
according to the Principles of Professional Conduct (AICPA, 2013).
A forensic accountant with integrity is one who abides by the AICPA Principles of
Professional Conduct and Rules of Professional Conduct and is seen as being trustworthy
and honest. Over the course of their career, forensic accountants will understand the value
of integrity, which may be demonstrated by acting consistently.
Being careful, objective, and honest in one's professional dealings can affect one's
capacity to gather enough data to support his or her opinion. To gather all the information
required to complete an engagement, the forensic accountant must speak with both parties,
arrive at qualified conclusion.
Forensic accountants will be truthful and forthright in disclosing the information
they believe will contribute to a favorable decision if both parties trust that they are
objective and have integrity in their job. The parties may feel that offering evidence is
pointless if they think the forensic accountant is biased or unreliable. Additionally, if one
of the parties thinks the forensic accountant lacks integrity, they might think they can
influence the forensic accountant by using coercion or bribery.
References
https://www.iaa.govt.nz/for-advisers/adviser-tools/ethics-toolkit/professional-ethics-and-
codes-of-conduct
Metz, Michael J PhD, (6 Oct, 2016)
tttps://journals.lww.com/thehearingjournal/Fulltext/2016/10000/Professional_Ethics_and_
Business.2.aspx
AICPA (2013, June 1) code of professional conduct and bylaws.
https://us.aicpa.org/content/dam/aicpa/research/standards/codeofconduct/downloadabledoc
uments/2013june1codeofprofessionalconduct.pdf
