The American Institute of CPAs has a new forensic accounting standard due to take effect at the beginning of next year, and it promises to give CPAs a leg up in terms of their credibility in providing litigation support as expert witnesses on the stand at trials.
The AICPA issued the standard in July (see AICPA issues new forensic accounting standards). The Statement on Standards for Forensic Services No. 1 (SSFS 1) has an effective date for engagements accepted on or after Jan. 1, 2020, and applies to any member of the institute, or employee of a member firm, who provides services to a client as part of a litigation or investigation engagement. It’s said to be the first time that forensic accountants will have compliance standards like a CPA with the AICPA codifying best practices for the litigation and investigation consulting work done by forensic accountants.
The full article by Michael Cohn, "AICPA’s new forensic standard expected to boost CPA credibility on witness stand," can be accessed here.