The anticipated or actual dispute could lead to litigation. Forensic accountants are expert witnesses who present their findings in court. Here, they use their auditing and accounting investigations to determine the financial transactions in question and then theorize on the impact of such transactions. They conduct an array of tasks to unravel any suspicious financial activity. In some cases, the forensic accountant develops computerized applications or even installs software to help uncover transaction traces.
Many people will tell you that a forensic accountant is just like any other. Others think that the more you pay, the better the accountant, a misconception.
But from the above, you have some clue of who a forensic accountant is. The rest of this article focuses on the tips on choosing this professional.
Experience
What else beats experience? Show me a profession where experience doesn’t count-there isn’t any. Say you are looking for a forensic accountant Los Angeles, you have to check how experienced they are. The professional’s experience and skills must match your needs. There are so many areas you’ll need forensic assistance, and the expert you choose must have taken such cases regularly and successfully. This includes the valuation of your business, profits loss estimation, tax assessments, fraud investigations, and such cases. It could also include determining the lawyer’s negligence.
Credibility
Your Los Angeles forensic accountant, will be required to look for evidence as an expert witness during the trial. Thus, the person you get must be credible, which adds a lot of weight to their opinion in court. The opposing counsel asks them questions designed to reveal flaws in their abilities and give doubt over the credibility of their experience. While relevant experience in a subject is essential, being a petitioner in accountancy is also important. Again, an expert’s credibility is provided by their training and qualifications.
Court appearances
Has the forensic accountant you’re considering been in the witness box before? The experience here is essential, but caution is needed. Some of these professionals are seldom called to give evidence like those working in large criminal frauds where findings are argued in court until an agreement is reached. The more the forensic accountant has appeared in court, the more experience they have, and it’s a consideration you cannot ignore. You will know a competent forensic accountant when they are giving oral evidence in court.
Cost of their services
All accountants are not the same. If you choose a professional from a large accountancy firm, you’ll be paying over $500 or more every hour. So if you’re a start-up business or don’t have such a budget, you may find yourself in red very soon. This is pretty expensive but sometimes may work for you. The brand backs you up, giving quality assurances that will help you win the case. If you choose the same professional from a smaller firm, you may get the services for less, but the brand’s backing may not help.
When choosing a forensic accountant, you have to go for a Los Angeles forensic accounting firm with experience in presenting cases in court. The person must have enough credibility to help you get desired results.