Why Retain a Forensic Accountant?


Why Engage a Forensic Accountant

Many associate the word ‘forensic’ with crime, but forensic, meaning ‘belonging to or used in courts of law’, is applicable in many fields, one of these being accounting. Set out below are answers to the questions we are asked most frequently about Forensic Accounting

What is Forensic Accounting?

Forensic Accounting is the combination of accounting, business, investigation and expert testimony skills and experience applied to assist in resolving business and personal disputes.

What does a Forensic Accountant do?

A Forensic Accountant is an extension of the legal team and is responsible for preparing or reviewing financial evidence and presenting such evidence as an Expert Witness. It has been proven that thorough, reasoned and well structured forensic accounting reports greatly increase the chances of a satisfactory settlement.

In what sort of disputes should I consult a Forensic Accountant?

Whenever there is a financial or business dispute with losses. Typical cases where we have acted are:

  • Personal injury and loss of earnings
  • Breach of contract and contract disputes
  • Consequential loss
  • Negligence and professional malpractice
  • Fraud and white collar crime
  • Insurance claims
  • Divorce and separation proceedings
  • Shareholder and partnership disputes
  • Business valuations

What advantages does a Forensic Accountant have over my own accountant?

There are a number of advantages in engaging the specialist assistance of a Forensic Accountant:

  • Independence – we do not undertake audit, accounting or tax work for our Forensic Accounting clients.
  • Objectivity – we bring a new viewpoint to each case.
  • Experience and specialisation – benefit from our wide professional and business experience.

Are you prepared to testify in court?

Yes. We perform all our work and prepare our reports on the assumption we will be required to give evidence in court as an Expert Witness.

What are your qualifications?

Our Directors are all Chartered Accountants. In addition to extensive professional and business experience we have members of the Association of Certified Fraud Examiners, the Expert Witness Institute, the Irish Tax Institute and the Chartered Institute of Arbitrators in the firm.

On what basis do you charge fees?

Fees are based upon the time spent in performing our investigation, preparing our report and any subsequent involvement.

I have a case but am not sure whether to engage a Forensic Accountant. What should I do?

Ask us to review the case – we will do this without obligation and in total confidence. We will provide you with a short report detailing the areas which need to be considered together with an estimate of our costs.