There is a value added for a client when an Attorney is working in tandem with a forensic accountant. Litigation often involves overlapping complex accounting and legal issues. Working together, Attorneys and Forensic Accountants can bring about optimal solutions. Clients that work with one and exclude the other are putting themselves at a greater risk. The combination of attorney and forensic accountant will help analyze complicated financial data and will persuasively and effectively communicate results.
When do the Attorneys and the Forensic Accountants best work together? According to the AICPA (American Institute of Certified Public Accountants) and the ABA (American Bar Association), the areas of specialty where it is considered advantageous for attorneys and forensic accountants to work together are: Financial Statement representation, Economic damages calculations, Valuations, Bankruptcy/Insolvency/Reorganization, Fraud prevention/Detection/Response, Family Law and Computer Forensic Analysis.
How should an Attorney and Forensic Accountant work together?
Our experience indicates that taking a proactive approach by bringing in a forensic accountant early rather than waiting for “something” to happen is a way to minimize costs and maximize obtainable litigation benefits.
The Attorney and Forensic Accountant Partnership is a “Win-Win”
Forensic Accountants communicate their findings in the form of reports, exhibits and collections of documents. They assist with legal proceedings, providing expert witness testimony and preparing visual aids to support trial evidence. Prevalence of fraud and the existing litigious environment have prompted business owners to build diverse management teams that include Forensic Accountants. Moreover, crimes involving complex financial transactions, complex corporate structures, Ponzi schemes, AML/BSA violations, FCPA violations, bribery, OFAC violations, fraudulent billing schemes – all require the financial and investigative skills of a forensic accountant. Close collaboration between a forensic accountant and an attorney brings a broad value proposition to a client.
Does your Team include a Joint Partnership between an Attorney and a Forensic Accountant?
Do not wait to initiate a close working relationship with a reputable forensic accountant if you have not done so yet.