The American Bar Association tells us that “Accounting is a topic that can frighten otherwise brave professionals." All the asset, liability, income, and expense talk can be overwhelming if the listener is not trained in the field of accounting.
The best forensic accountants are able to present financial issues in litigation so they can be understood readily. Attorneys, judges, and juries often lack an accounting or finance background, so being able to break down financial topics in a way that is easy to understand is essential for forensic accountants.
The best expert witnesses are those who can make sense of even the most complex numbers. Cases involving complex financial matters often require the assistance of a financial expert for the following issues:
Preparing a financial disclosure, including creating a marital balance sheet.
Comparing balance sheets from period to period to evaluate changes in assets and liabilities and to determine the reasons for those changes.
Participating in post-court activity and aiding in the evaluation of financial disputes, including things like allegations of fraud during the process or motions for modification of final disbursements.
Simply put, lifestyle analysis involves determining and analyzing a company or person’s income, expenses, assets and liabilities. By scrutinizing gaps or mismatches, a forensic accountant can uncover evidence that a party’s income or net worth isn’t what it appears to be.
Financial evidence examination.
Performing forensic research to trace funds and identify assets for recovery.
Using customized software to extract and format the software’s findings.
Prepare forensic final reports from the data they would have collected.
Be familiar with accounting and auditing standards and protocols.
Offer litigation support in the form of acting as an expert witness, (as and when required) backing their statements with graphical representations to support their evidence.
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