Whether you are a business owner of a small family trade or a large corporation, litigation is an arduous undertaking. The time, effort and cost related to litigating a matter are significant, to say the least.
When you’re opting for this service, a number of questions may arise – how can the professionals be proactive, expedite a resolution and avoid spending an exorbitant amount of time & money?
Well, the best way to find the answers is bringing in a forensic accountant in the litigation process. In most of the cases, people who are opting for litigation do not bring in experts until the final stages, thus missing out on many of the advantages the expert could bring to the table.
So how can the professionals help you?
Even the best trial attorneys need expert assistance in addressing and presenting complex financial, business, and accounting issues. A CPA experienced in litigation support can be invaluable in organising, gathering and interpreting financial data. Typical services provided include:
• Expert testimony
• Business valuation
• Financial damages and analysis of lost profits
• Developing case strategy
• Assisting preparation of discovery requests
• Assisting questions for the examination of witnesses in depositions or cross-examinations at trial
• Investigating and quantifying financial fraud & embezzlement
What is litigation support?
Litigation support provides assistance of the nature of accounting involving existing or pending litigation. It deals primarily with issues related to the amount of economic damages. The perfect litigation support is available from the professional accounting services in Arlington that typically calculate the economic loss resulting from a breach of contract.
What is forensic accounting?
Forensic accounting is the integration of accounting, auditing and investigative skills. It provides an accounting analysis which is suitable to the court which will form the basis for discussion, debate and ultimately dispute resolution.
When an investigation is conducted, accounting, auditing and investigative skills are utilised in the process. The utilisation of specialised investigative skills when carrying out an inquiry is conducted in such a manner that the outcome will have application to a court of law. Such professionals have the knowledge in detecting fraud and malpractices or even misrepresentations in financial statements on top of the conventional accountant’s functions like bookkeeping.
Therefore, litigation support and forensic accounting is an advanced service which is important to determine the legal steps of a financial year and also to prevent any malpractices.