Forensic Accounting Essay

1771 WordsAug 4, 20138 Pages
Forensic Accounting in Practice: Forensic Accountants: Fraud Busters A forensic accountant is part investigator, part auditor, part attorney, and part accountant (Levanti, T.). Due to the increase in high-profile cases of companies and individuals, forensic accounting is a growing and popular field in the business and forensic subjects. A forensic accountant is someone who is often retained to analyze, interpret, summarize, interviews and present complex financial and business related issues in a manner that is both understandable and properly supported (Zysman, A.). Forensic accountants usually work in a public practice or are employed by insurance companies, banks, police or government agencies. They are to investigate and analyze any…show more content…
Any discussions made between the lawyer and the consultant are protected by attorney work product privilege allowing both parties to freely exchange information without disclosure to the other side. However, if the consultant has been identified as an expert witness, only then is the work product privilege lifted and their work is discoverable to the opposing counsel (Elmore, D.R.). As an authority in the field, the forensic accountant is brought in during the discovery phase of litigation and begins by evaluating the facts of the case and determining whether a claim is valid. After examining the strengths and weaknesses of the case, the consultant can then advise on the most effective way to present these facts at trial. The forensic consultant is also on board to analyze the arguments made by the opposing attorneys and their expert witnesses and verify the amounts claimed (Elmore, D.R.). If the consultant specializes in damage evaluations, they can help determine within reason how much money the claimant is owed under any circumstances. For example, in a civil lawsuit stemming from a car accident, a forensic accountant can be used to assess the likely loss of past and future earnings asked for by the claimant. On the other side of the case, a consultant representing the insurance company can help determine

More about Forensic Accounting Essay

Open Document