Collusion in auditing occurs when two or more individuals or entities conspire to circumvent internal controls, manipulate financial records, or hide fraudulent activities. It poses a significant challenge to auditors, as collusion can render even the most robust auditing processes ineffective. This is because the coordination among perpetrators often includes falsifying documents, suppressing information, orContinue reading “Exposing Collusion: How Forensic Accounting Uncovers Hidden Fraud and Protects Your Business”
Category Archives: Litigation Support
Hiring a Forensic Accountant During Your Divorce
The dreadful “D Word.” Divorce is never easy, but in today’s world, it is all too common, becoming an industry within itself. While the pain and heartache that attach themselves to a separation can be difficult to navigate through, complicated finances usually comprise a large bulk of the dispute.
Are Rules of Thumb Appropriate Valuation Methods for Litigation Matters?
Rules of thumb exist for several types of businesses. They were developed by business brokers over time, based upon actual sales transactions involving businesses in a particular industry. While a rule of thumb can provide buyers and sellers of businesses with an
What’s the Difference Between an Expert Consultant and Expert Witness?
As an expert consultant, the CPA/CVA/CFE is engaged to develop information that will be used by the attorney in a variety of ways, including settlement negotiations with the opposing side. In these instances, the CPA/CVA/CFE is usually not expected to testify or to develop an opinion that will be entered in to the court records.
Forensic Considerations In Divorce
When representations made by an opposing spouse appear questionable, a CPA/CVA/CFE may be engaged to test the financial representations by performing forensic procedures. For example, a family incurs annual living expenses of $90,000 and the earner spouse claims to make only $40,000 per year.
Improving Financial Discovery Can Lead To Improved Financial Outcomes
Complete financial information provided to a financial expert can lead to more credible work product produced by the expert. Unfortunately, many attorneys bring the CPA/CVA into the picture too late in the case!
The Attorney/Valuator Partnership in Divorce Cases
Equitable distribution in divorce causes the need for emphasis to be placed upon the economic aspects of marriage. This includes the valuation and division of marital property, as well as any resulting tax consequences. This economic emphasis in divorce proceedings
Characteristics of The Valuable Expert Witness
It has become common in business disputes and complex commercial litigation to hire expert witnesses to assist the attorney in preparing for deposition and trial. Attorneys will look for expert witnesses who possess all the following characteristics:
Commercial Damages-Lost Profits
The calculation of damages in commercial litigation is generally based on lost profits. The purpose of a lost profits calculation is to place the damaged party in the same financial position or condition it would have been but for the other party’s wrongful action to the extent allowed by law.
Will a Daubert Challenge Derail Your Expert?
As an experienced provider of litigation support services, I am aware of the unique challengesfinancial experts face. When a “financial expert” provides written or oral testimony to a trier offact, the following considerations are crucial:
Janicek Valuation & Forensic Services, PLLC 