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GIR Guide to Monitorships: Leveraging Forensic Accountants

July 30, 2020

During the past decade, the use of monitorships has matured considerably, with an increasing number of regulators and enforcement entities implementing this form of remediation. Jurisdictions outside the United States have moved beyond nurturing an interest in monitorships to formally legislating their application in settlement negotiations. It was once more common for monitorships to stem from investigations into alleged bribery and corruption; today, regulators impose monitorships in response to a variety of organisational misconduct across a breadth of industries. Monitors have been installed, for example, to oversee and assess conduct in:

  • Police departments (focusing on cultural change);
  • Automotive industry (assessing controls around research and development, and emissions testing);
  • Financial institutions (testing anti-money laundering and sanctions-related compliance programmes); and
  • Public accounting and auditing firms (overseeing quality control and cultural improvements).

As the scope of monitorships has evolved, so has the role of forensic accountants in these situations. Chartered accountants, certified fraud examiners, anti-money laundering specialists, data specialists and analysts, and industry-specific experts within forensic accounting firms (forensic firms) marry complementary expertise in anti-corruption, anti-money laundering, sanctions and counter-terrorism financing investigations, compliance programme design, review and testing, process review and internal controls testing, audit negligence assessments, disgorgement and the ability to pay calculations.

In this chapter, published in Global Investigations Review‘s The Guide to Monitorships – Second Edition, Frances McLeod, Emma Hodges, Neil Goradia, Jenna Voss and Samantha Hsu discuss how forensic firms support a monitor or company through the monitorship process.

Read the full chapter here.

Meet the Authors

Frances-bio-new

Frances McLeod

Founding Partner

Frances McLeod is a Founding Partner of FRA and head of its US offices. She is a former investment banker and has over 26 years of experience advising diverse clients […]

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Emma Hodges fra, forensic accountant

Emma Hodges

Partner

Emma Hodges, a Partner at FRA, has over 17 years of experience conducting multi-jurisdictional forensic accounting compliance reviews and investigations, internal controls reviews, and audits. Emma has developed extensive experience […]

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Jenna Voss

Jenna Voss

Partner

Jenna Voss is a Partner at FRA and has extensive experience in conducting forensic consulting assignments across multiple industries. She leads teams in conducting investigations into complex accounting topics, performing […]

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Samantha Hsu

Director

Samantha Hsu is a Director based in FRA’s Dallas office and has over 15 years experience across a variety of industry, accounting, and forensic services. Samantha has a wealth of […]

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© 2021 The FRA group in the UK comprises Forensic Risk Alliance Limited (number 3895636) and FRA Solutions Limited (5863958). Both are limited companies registered in England & Wales, and have their registered office at 3rd Floor, Audrey House, 16-20 Ely Place, London EC1N 6SN. The term partner is used to denote senior employees of the limited companies. All rights reserved.