Growth in Fidiciary Accounting

Investment advisors and others who help people manager their money are under pretty powerful microcopes these days, and that's creating opportunities for CPAs, writes Myra Thomas.

Today investment stewards such as attorneys, investment advisors, pension plan trustees and financial planners face increased exposure related to their fiduciary duties. For CPAs - many of whom are already attuned to fiduciary responsibilities as a part of their forensic or auditing work - serving as a consultant to these professionals is another way to ensure long-range career success. As more accounting firms move beyond the standard tax and auditing function, such consulting is also a way attract in new business, points out Jeffrey DuFour, managing director of the Tillit Group, a Princeton, N.J., company that provides independent consulting services to investment fiduciaries.

...

"The work fits in very well with what most forensic accountants do," DeFour says. "It's their sweet spot, especially if they are doing any litigation work, since it's really all about prudence, process and documentation. In auditing, these are people who already understand internal controls. It's really all about taking existing skills and applying that to the requirements for fiduciaries." DuFour adds that many of the things CPAs already understand, in terms of financial reporting requirements, sync up with the fiduciary investment standards.

'Fiduciary Accounting' a Growing Niche [JITM]