The roles of forensic accountants are becoming increasingly important in the courts of law today. Most of the attorneys are now relying on the expert advice and services of these professionals. It is due to their financial knowledge and experience that is useful in litigation involving financial matters. They may be engaged in litigation that involves valuation testimony, fraud, financial analysis, damages calculation, family law accounting, electronic data analysis, and bankruptcy. More importantly, the accountants are often required to provide professional expert witness testimony in court.

If you are looking for a Carmel accountant to help you out in litigation, you need to know what forensic accountancy is all about. The following are the roles played by forensic accountants in legal cases:

 

Pre-Case Analysis Consulting

 

Engaging forensic accounting experts in the early phases of litigation can provide meaningful value to your legal team. The initial stage of litigation involves the decision of whether or not to proceed with the case. At this point, you want to calculate the potential damages of litigation. Can your client afford it? Forensic accounting professionals will come in handy at this point. They will estimate the possible litigation cost and determine whether it will make any economic sense if you move forward with the case. Aside from that, their findings at this initial phase will enable you to develop a litigation strategy.

 

Case Discovery Assistance

 

In a court of law, both the plaintiff and the defendant are tasked with the responsibility of providing evidence. In many cases, it is the amount of evidence you bring before the judge that will determine the trajectory of the case. That means you should have adequate and accurate evidence. Forensic accounting specialists can be invaluable in the collection of evidence. They will assist your legal team in unearthing information that might define the framework of litigation. They have exemplary expertise to detect fundamental issues that might not be noticeable by others. In addition to gathering critical information, they will help you to formulate deposition and interrogatory questions. They will evaluate testimonies and responses as well as analyze the future strategies of your opponents. They will also carry out background research on entities and people relevant to the case.

 

Forensic Analysis and Interpretation

 

Fiscal data can rather technical and difficult to interpret. Even if you have gathered reliable financial evidence, you should present it in a decoded manner before the court. With vast knowledge in financial and forensic analysis, forensic accounting professionals will help you evaluate the economic evidence you have collected. They are equipped with the necessary analytical tools, including software, to carry out this task accurately and quickly. Also, they will assist in presenting the evidence in court, especially if the data is technical. As expected, your opponents may present financial and technical evidence during the trial. Your forensic accounting experts will help you to interpret the rejoinders and help you to formulate accurate responses. In some cases, they will get opportunities to contribute to briefs, pleadings, and motions.

 

Expert Testimony

 

The distinguishing element between a typical CPA and a forensic accounting professional is their knowledge and experience in testifying in courts of law. When all signs indicate that the case will proceed to deposition or trial, forensic accounting experts may be called upon to testify. Their work here is quite profound – they can make you win or lose the case. That is why you need to choose your Carmel accountant carefully. Find out if they have provided professional expert witness testimony in the past. Have they tackled similar cases as yours? What is their scorecard in terms of winning litigation? The forensic accounting specialist will be making crucial submissions in court on your behalf. Hence it would help if you are sure that they will do it right. During the trial, the accounting professional will present their expert report, and in some cases, critique the reports counsel on the opposing side.

Hiring a Forensic Accounting Specialist

 

Sometimes, the services of forensic accountants are inevitable. Not only do they have unique financial knowledge, but they also possess remarkable courtroom experience. Hiring these experts could be the secret ingredient to winning your litigation. They are proficient in handling both criminal and civil cases, including the following:

  • Company dissolution processes, buyouts, or acquisitions
  • Disputes between shareholders
  • Estate and trust litigation
  • Divorce cases
  • Fraud conducted by staff members
  • Contract breaching issues

There are many accountants in Carmel, but not all of them will fit into the role of forensic accounting. If you want to succeed in your litigation, you must be careful when choosing your forensic accounting expert. You want to partner with someone proficient in gathering evidence, analyzing and interpreting fiscal data, and, more importantly, testifying in court. When choosing your forensic accounting expert, you should look out for the following qualities.

Knowledge and experience: The accountant should possess an appropriate set of skills that are relevant to your case. If you require valuation services, they should be proficient and experienced in valuation matters, including providing a winning valuation testimony. Similarly, if you are handling matrimonial disputes, you should find an expert with vast family law accounting experience.

Court appearance

The most fundamental quality of a forensic accounting specialist is their ability to make detailed submissions in court. So when choosing your forensic accounting expert, consider their courtroom knowledge and experience.

Personal attributes

You should work with someone that you and your legal counsel feel comfortable around. They should blend in well with the group’s mission and ideologies. Essentially, the accountant should be approachable, creative, and possess excellent communication skills.

Discretion

Financial litigation involve sensitive matters, and your client might demand the total confidentiality of the case. Look for an accountant who can promise to keep litigation matters as discreet as possible. Reviews and references can tell a lot about the accountant when it comes to confidentiality.

Are you looking for a professional forensic accounting expert to join your legal team? Get in touch with Savage Accountancy, APC. Our company prides itself on having a wealth of experience below the belt. Our forensics accountants are adequately trained to handle divergent legal cases involving financial matters. Call us now, and let us be your trusted accounting partners.