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Choosing a financial expert witness for your upcoming court date is no easy task. While there are plenty of forensic accountants to choose from, not all of them are going to be suitable for your exact needs. Whether you need a forensic accountant to take a detailed look at your finances, value property, or you simply need someone to testify on a tax case, there are several qualities to consider, such as these below.
Experience
Someone who provides expert testimony services likely has a lot of experience in their field. However, they may also have a skill set that’s better suited for one type of case than another. Forensic accountancy is a multi-faceted proficiency. Therefore, it can be worth finding out the cases your preferred accountant typically works with. Where possible, ask for example cases and the successes they had with them.
Credentials
It doesn’t matter what kind of business you have, whether it’s an online firm or a multi-million-dollar corporation, a forensic accountant’s credentials may matter in a court case. Find out about their training, qualifications, and whether they are a member of a relevant professional body that’s held in high regard in the legal world. The more credentials they have, the more weight they may have in a courtroom when providing the necessary evidence for your case.
Personal Characteristics
While credentials and experience matter a lot when choosing the right forensic accountant for you, their personal characteristics may also hold a surprising amount of weight. Ideally, you want someone you feel comfortable working closely with. You don’t have to form a friendship, but an approachable, motivated, and communicative expert witness may offer far more assurance than one who isn’t. You can then continue running your business with full confidence in who you have hired.
Attention to Detail
You may know from calculating your income tax and other financial information that there is generally little room for error. The same rules apply to a financial expert witness. If there’s one thing you can’t overlook when seeking a forensic accountant, it’s attention to detail. Without it, there may be a risk of abnormalities being missed or calculations being made incorrectly.
The best financial expert witness is one who can notice subtle patterns during the financial data analysis process. Having even one small wrong detail may affect an entire case.
Cost
Many businesses are continually looking for ways to cut costs. It’s only natural to want a healthier bottom line. But when searching for a forensic accountant to act as your expert witness in a court case, cutting costs may not be a road down which you want to travel.
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In many situations, an expert from a large practice may cost more than one from a smaller firm. There may also be price differences based on experience, credentials, and reputation. While cost is worth considering, it shouldn’t be the deciding factor for which expert you use.
Conclusion
A financial expert witness can make or break a case. This is why it can be crucial to do your homework before selecting a forensic accountant. The qualities above may allow that process to run a lot smoother.
