Forensic Accounting Expert Witnesses often play an integral role in litigation. CPAs in forensic accounting may be called upon for testimony in a wide range of legal cases, such as a class action suit, dissolution of marriage, financial fraud, loss of business earnings, and individual earnings.
Class Action Suit
In a class action suit involving alleged price fixing, the CPA can:
- Evaluate company profitability
- Analyze cost data
- Compare invoices issued against price lists
- Attend and analyze witness depositions
In a suit alleging breach of contract, the CPA can:
- Review financial information
- Help the attorney determine the accuracy of the damage calculations submitted
- Calculate damages based on financial information submitted
In a medical malpractice suit, the CPA can:
- Calculate the value of lost wages
- Determine the cost of medical services
- Appear as an expert witness regarding the CPA’s findings
Dissolution of Marriage
As part of a dissolution proceeding, the CPA can:
- Prepare an overview of the community estate with assets of deeds
- Critique a valuation report submitted by the spouse
- Identify a number of important valuation issues
- Provide valuation reports
- Provide testimony under oath
- Calculate controllable monthly cash flow for support of the non-working spouse
Financial Fraud
In a financial fraud case, the CPA can:
- Trace financial transactions
- Help prove or disprove assertions regarding values and amounts of income
- Help demonstrate the accuracy of representations or data about business transactions
- Assist in preparation of financial statements
- Help prepare qualifying damages
- Examine underlying controls to ascertain whether the control environment was supportive of prudent business decisions
Loss of Business Earnings
In a loss of business earnings case, the CPA can:
- Prepare projections of future revenues, expenses, and net income of a company based on the business, historical financial information, and operating information
Individual Earnings
In a loss of individual earnings case, the CPA can:
- Calculate earnings based on compensation, benefits, and services provided by the individual
- Calculate the total loss of individual earnings based on the time period analyzed
- Prepare a report summarizing the CPA’s findings and conclusion
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