Litigation Consulting, or Litigation Support as it is sometimes called, is one of the major services provided by a Forensic Accountant. Unfortunately we live in a world and country where lawsuits are prevalent. Although sometimes unavoidable, litigation costs can be minimized if all the financial information is disclosed and analyzed so the parties can make informed decisions.
We all know that people make emotional decisions rather than intelligent decisions, however, when critical financial information is missing then it’s impossible to make intelligent legal decisions. You need the facts and many times the opposing party is not forthcoming or denies their existence. Discovery requests have been ignored. Vague responses have come back from Interrogatories. This is when a Forensic Accountant is extremely helpful.
Litigation Support incudes:
- Assisting counsel with reviewing the available documentation and determining what is missing, or appears bogus. This may include help with formulating questions.
- Supporting your discovery process with a written report and/or testimony when making a Motion to Compel Discovery or seeking Sanctions against the other party.
- Review of the opposing expert’s damage reports and reporting on the strengths and weaknesses of their data and conclusions.
- Examining “evidence” from the other party or their experts and refuting them if incorrect. This may include the attendance at evidence examinations or depositions.
- Assist the lawyers and attorneys with understanding the financial and legal ramifications of information discovered.
- Assistance with settlement negotiations, strategy, and discussions.
- Attendance at courtroom trials to hear opposing expert witness testimony and provide assistance with cross-examination.
- Reviewing statutes and case law for application to accounting principles and reaching conclusions regarding financial implications.
- Determining estate valuations, lost income opportunities, economic damages, business and asset valuations, and much more.
When should you consult with a Forensic Account? Most Forensic CPA’s are happy to provide an initial consultation for free to discuss your situation. Try to do this a early as possible in the legal process when you realize you may need a financial Expert Witness or Forensic Accounting Professional. It may reduce your overall costs tremendous and maximize the benefits which you seek.