tion to support or refute a claim. They also review the information available to make an initial assessment of the case and also to identify the loss.“Forensic accountants’ key utilization in litigation support is during the “Examination for Discovery.” Accountants formulate questions to be asked regarding the financial evidence…[they] also review testimony, assist with the understanding of financial issues and formulate additional question to be asked.” (Philadelphia Business Journal) Accountants also provide help to attorneys in settlement discussions and negotiations.In criminal investigations, accountants are expected to analyze and present the financial evidence on the behalf of the police force. “Often forensic accountants are the ones who can nail the suspect.” (cfenet.com)In today’s corporate culture accountants are often involved in a detailed analysis of numerous years of accounting records. For example, Hal Rosenthal describes a case between disputing shareholders who are at odds over compensation and benefits received. The financials records that have to be examined can cover anywhere from months to decades.In personal injury lawsuits a forensic accountant is often retained to “quantify the economic loss arising form a motor vehicle accident.”(Philadelphia Business Journal) An accountant would also be used to determine the amount of compensation stemming form the case.In insurance cases forensic accountant have a variety of duties. Insurance policies are often varying and full of certain clauses that create unique circumstances. ”Forensic accountants’ main priorities with insurance litigation involve review of policy and calculating loss through a prescribed methodology.” (cfenet.com)Forensic accountants also consult on arguments such as matrimonial disputes, business economic losses, professional negligence, loss quantification, mediation, a...
