Best Forensic Accounting Firms for M&A Due Diligence in 2026: Top 7 Compared
Quick Answer
The best forensic accounting firms for M&A in 2026 are led by FTI Consulting (NYSE: FCN, ~$3.5B+ revenue, largest US forensic firm). Kroll (formerly Duff & Phelps, ~$2B+ revenue) combines forensic + business intelligence + valuation. AlixPartners (~$2.5B+) specializes in turnaround + distressed forensic. BDO Forensic (~$2.5B+ US revenue) and RSM Forensic (~$3B+ US revenue) provide mid-market access. Charles River Associates (NASDAQ: CRAI, ~$700M+) combines economic + forensic for antitrust + public-company M&A. Berkeley Research Group (~$700M+) is multi-disciplinary. Pricing: $250-900/hour. Match firm to deal complexity + industry.
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Forensic accounting is the specialized layer beyond QoE that investigates fraud, EBITDA manipulation, customer-concentration risks, accounting irregularities, and litigation exposure on M&A targets. In 2026, the forensic accounting market is concentrated around 7 leading firms.
Choosing the right firm matters because (1) forensic findings can kill or repricing M&A deals, (2) specialty (turnaround, antitrust, fraud) varies, (3) pricing differs 3x across firms.
This guide compares 7 leading forensic firms.
What this guide covers
- Largest: FTI Consulting (NYSE: FCN, ~$3.5B+).
- Top-3: FTI + Kroll + AlixPartners.
- Mid-market: BDO Forensic + RSM Forensic.
- Economic + antitrust: Charles River Associates (NASDAQ: CRAI).
- Multi-disciplinary: Berkeley Research Group.
- Pricing: $250-900/hour.
Comparison: top 7 options at a glance
| Vendor | Best for | Pricing range | HQ | Key feature |
|---|---|---|---|---|
| FTI Consulting | Largest US forensic accounting firm | $300-800/hour | Washington DC (NYSE: FCN) | Largest US forensic accounting firm |
| Kroll (Duff & Phelps) | Sophisticated forensic accounting + business intelligence | $300-800/hour | NYC, NY | Top-3 US forensic accounting firm |
| AlixPartners | Turnaround + forensic accounting + restructuring | $400-900/hour | NYC, NY | Forensic + restructuring combined |
| BDO Forensic | Mid-market forensic accounting + auditor combined | $250-700/hour | Chicago, IL (BDO USA) | Mid-market forensic + accounting firm |
| RSM Forensic Investigative Services | Mid-market forensic with RSM accounting integration | $250-700/hour | Chicago, IL (RSM US) | Mid-market forensic + accounting integrated |
| Charles River Associates | Economic + forensic + litigation support | $400-900/hour | Boston, MA (NASDAQ: CRAI) | Economic + forensic combined |
| Berkeley Research Group (BRG) | Forensic + economic + management consulting | $350-800/hour | Emeryville, CA | Multi-disciplinary forensic + economics |
How we evaluated
- Deal size. $50M+: FTI, Kroll, AlixPartners. $25-100M: BDO, RSM, CRA, BRG.
- Industry specialization. Distressed: AlixPartners. Antitrust / public-company: CRA. Healthcare / FinServ: BRG. Generic mid-market: BDO, RSM.
- Speed. Boutiques (BDO, RSM, BRG, CRA): 4-6 weeks typical. Top-3 (FTI, Kroll, AlixPartners): 6-10 weeks.
FTI Consulting
FTI Consulting (NYSE: FCN, ~$3.5B+ revenue) is the largest US forensic accounting firm. Strong adoption for $50M+ M&A forensic engagements + public-company forensic.
- Largest US forensic firm by revenue.
- Strong public-company + large-PE relationships.
- Multi-disciplinary (forensic + restructuring + economics).
- Global reach.
- Premium hourly pricing.
- Slower than boutiques on smaller engagements.
When FTI Consulting is the right choice: you’re doing a $50M+ M&A deal needing premium forensic accounting.
Kroll (Duff & Phelps)
Kroll (formerly Duff & Phelps, ~$2B+ revenue) combines forensic accounting + business intelligence + valuation. Strong adoption for international + complex M&A forensic.
- Combined forensic + business intelligence.
- International expertise.
- Strong M&A forensic depth.
- Multi-disciplinary firm.
- Premium pricing.
- Slower than boutiques.
When Kroll (Duff & Phelps) is the right choice: you need combined forensic accounting + business intelligence + valuation depth.
AlixPartners
AlixPartners (~$2.5B+ revenue) combines forensic accounting + turnaround / restructuring. Strong adoption for PE-backed troubled-company M&A.
- Forensic + restructuring expertise.
- Strong PE relationships.
- Good for distressed-asset M&A.
- Premium pricing.
- Restructuring focus may not fit healthy M&A.
When AlixPartners is the right choice: you’re a PE platform doing distressed-asset M&A or troubled-company turnaround.
BDO Forensic
BDO USA Forensic (~$2.5B+ US revenue) is the forensic arm of the 5th-largest US accounting firm. Strong adoption for mid-market M&A forensic where auditor adjacency matters.
- Combined audit + forensic.
- Mid-market accessibility.
- Reasonable pricing relative to FTI / Kroll.
- Strong industry-vertical depth.
- Smaller forensic practice than FTI / Kroll.
- Audit-firm conflicts on some engagements.
When BDO Forensic is the right choice: you’re doing a $25-100M M&A deal needing audit-adjacent forensic accounting.
RSM Forensic Investigative Services
RSM US Forensic (~$3B+ US revenue) is the 4th-largest US accounting firm’s forensic arm. Strong mid-market M&A forensic + fraud investigations.
- Combined audit + forensic.
- Mid-market accessibility.
- Strong fraud investigation expertise.
- Industry-vertical depth.
- Smaller than FTI / Kroll for largest engagements.
- Audit-firm conflicts.
When RSM Forensic Investigative Services is the right choice: you’re a mid-market PE doing forensic accounting needing audit-adjacent expertise.
Charles River Associates
Charles River Associates (NASDAQ: CRAI, ~$700M+ revenue) combines economic consulting + forensic accounting + litigation support. Strong adoption for antitrust + complex public-company M&A.
- Economic + forensic combined.
- Strong antitrust + litigation expertise.
- Public-company specialty.
- Premium pricing.
- Less mid-market accessibility.
When Charles River Associates is the right choice: you’re doing a public-company M&A with antitrust or litigation complexity.
Berkeley Research Group (BRG)
Berkeley Research Group (~$700M+ revenue) is the multi-disciplinary forensic + economics + consulting firm. Strong adoption for financial services + healthcare M&A forensic.
- Multi-disciplinary expertise.
- Strong FinServ + healthcare practice.
- Good for complex M&A forensic.
- Smaller than FTI / Kroll.
- Premium pricing.
When Berkeley Research Group (BRG) is the right choice: you’re doing financial services or healthcare M&A needing combined forensic + economics.
How to choose: buying criteria
1. Match firm to deal complexity + size
$50M+: top-3 firms. $25-100M mid-market: BDO, RSM. Industry-specialized: CRA (antitrust), BRG (FinServ / healthcare), AlixPartners (distressed).
2. Plan for post-engagement remediation
Forensic findings often require legal / litigation follow-up. Coordinate with M&A counsel.
3. Negotiate scope + retainer
Scope from $25k boutique engagement to $500k+ enterprise. Match scope to deal complexity.
Dangers and traps when selecting
1. Generic forensic on complex deals
Industry-specific risk (FinServ, healthcare, antitrust) needs specialized firm.
2. Wrong firm size
Top-3 on a $25M deal: overkill. Boutique on a $200M deal: under-resourced.
3. Skipping forensic on suspicious targets
If QoE flags issues, forensic should follow.
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About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 100+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest consolidators that other intermediaries cannot access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch
Frequently asked questions
What’s the difference between QoE and forensic accounting?
QoE normalizes EBITDA for M&A. Forensic investigates fraud, manipulation, irregularities. Forensic is usually triggered when QoE flags concerns.
Who are the best forensic accounting firms for M&A?
FTI Consulting (NYSE: FCN, largest US forensic), Kroll (formerly Duff & Phelps), AlixPartners (turnaround), BDO Forensic, RSM Forensic, Charles River Associates (NASDAQ: CRAI, economic + antitrust), Berkeley Research Group (multi-disciplinary).
How much does forensic accounting cost?
Hourly: $250-900. Engagement scope: $25k boutique to $500k+ enterprise. Match scope to deal complexity.
When is forensic accounting needed?
When QoE flags suspicious items, when target has prior litigation, when deal involves complex revenue recognition, when industry has known fraud risk (healthcare, FinServ), when seller resists transparency.
Does CT Strategic Partners coordinate forensic accounting?
Yes, on retained buy-side mandates, we coordinate forensic accounting when QoE or initial diligence raises concerns. We typically work with FTI / Kroll for large deals, BDO / RSM for mid-market.