Content area
Full Text
Forensic accountants are frequently retained to provide litigation support services. These services provide assistance for accounting and financial matters in existing or pending litigation. Within the scope of each service the role of the forensic accountant can range from consultant to expert witness. Despite the function, the chief task remains to communicate specialized knowledge that will assist the trier of fact in understanding the evidence-that is why almost all engagements require the preparation of an expert report. This article addresses techniques for compiling an expert report that will impact the compilation of a well written and defensible report.
Introduction
Forensic accountants are frequently retained to provide litigation support services. These services provide assistance for accounting and financial matters in existing or pending litigation. Typical litigation support services include:
* Valuation of business interests in shareholder and partnership disputes
* Calculation of economic damages resulting from a personal injury
* Medical malpractice
* Wrongful termination and discrimination matters
* Business interruption, inventory losses, matrimonial disputes
* Losses from contract disputes, and trademark and patent infringements.
Within the scope of each service the role of the forensic accountant can range from consultant to expert witness. Despite the function, the chief task remains to communicate specialized knowledge that will assist the trier of fact (judge, jury, arbitrator, etc.) in understanding the evidence. That is why almost all engagements require the preparation of an expert report.
Defending your Report
When planning the extent of work for a particular engagement, the expert should always obtain a sufficient understanding of the nature of the dispute and the events that have given rise to the claim. The expert should also investigate whether there will be sufficient relevant data to afford a reasonable basis for the conclusions reached and/or recommendations offered. Once an expert is confident that the analysis or conclusion can be sufficiently supported, expectations for the end work product must be agreed upon as well.
Counsel may want an expert report for various reasons including:
* Court requirements (upon pending litigation-written reports are required in all civil cases in Federal court under Federal Rule of Civil Procedure 26(2) (B) unless otherwise directed by the court)
* For settlement negotiations
* To support a summary judgment
* To be relied on...