Solving the issue of litigations with reliable forensic accountants

Solving the issue of litigations with reliable forensic accountants

In legal proceedings, forensic accounting services frequently calculate damages and offer expert witness testimony. As a result, they must be familiar with civil and criminal laws, regulations controlling the storage and retention of records, guidelines governing the admission of particular forms of evidence, as well as other legal matters. Other times, they may participate in mediation or other types of alternative dispute resolution, or lawyers may hire them as consultants.


Insurance companies frequently seek the assistance of forensic accounting services following a direct event or subrogation case, as well as lawyers representing other non-insurance cases such as product recalls or divorce cases.


Gardiner remembers the day she was hired because of a legal battle involving an insurance company and its policyholder over a builder’s risk claim. A building that was still being constructed had defective subsurface plumbing. She says, “I’ll look at contracts and determine the dollars that go with carrying out those contracts” to quantify the loss caused. I keep going in-depth to isolate particular costs and compare them to the estimates provided by the vendors who performed the initial work and other papers about the subject. I also compared them to the repair estimates currently provided by those vendors. She claims forensic accountants occasionally collaborate with other professionals, such as engineers, to learn more about a case.


How to find the best forensic accountant


Finding forensic accounting services could be overwhelming for someone who has never dealt with fraud. Here are some simple guidelines to help:


  1. Look for a business, not a person. Since they need to uphold a positive reputation to stay in business, agencies consistently provide higher quality services than individuals.


  1. Call the forensic accountant and let them know your worries. A qualified forensic accountant can advise you on the possibility of fraud based on the facts you submit.


  1. Inquire about the forensic accountant’s credentials. They should be familiar with the accounting procedures firms use like yours (i.e., not-for-profit, manufacturing).


  1. Inquire about the timetable and scope before continuing. Even though forensic accounting investigations have the potential to develop into large-scale operations, the initial scope of the investigation should be defined.


Consult with the experts of CAC today.

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