One of the most important decisions an attorney involved in a complex litigation will have to make is the selection of a forensic accountant as a consultant or as an expert witness. The specialized training and expertise of a forensic accountant can make a significant impact in the successful outcome of a case.
A forensic accountant is best utilized in legal matters to prepare business valuations, perform investigative accounting procedures, and to determine economic damages and lost profits.
The attorney at a minimum should evaluate and understand what expertise is needed and then determine that the forensic accountant selected has the required training, experience, credentials, and background to strengthen the overall effectiveness of the attorney’s case.
Should the attorney intend to have the forensic accountant serve as an expert witness, he or she should make it a point to inquire if the individual has testified in court and request references from attorneys the forensic accountant has worked with in the past.
The benefits that a forensic accountant can bring to a case includes the following:
- Analysis of complex financial transactions and data and the ability to summarize this information into a concise and understandable format for a better understanding of the
facts in the case. - Assist legal counsel in discovery matters by providing document requests and technical questions to be asked at depositions and trial.
- Educate legal counsel as to the strength and weaknesses of the opposing expert’s position.
- Assist legal counsel in preparation for trial by preparing questions for the cross examination of the opposing side’s expert witness.
The use of a forensic accounting expert can add an extra dimension to a legal team’s overall effectiveness and assist in providing a successful outcome to a complex legal matter.
This is an important factor that should be considered when faced with the cost benefit analysis of whether or not to hire a forensic accounting professional.
Should you need litigation support, business valuation, forensic accounting assistance, or have questions, please call one of our credentialed professionals at (615) 822-8342 or contact us via email.