When litigation hinges on the clarity of financial facts, a skilled forensic accountant can be the difference between prevailing and watching your case unravel. Whether you’re handling a complex shareholder dispute, a high-stakes fraud case, or intellectual property damages, the right forensic accounting expert can be the key to strengthening your case and presenting compelling evidence that holds up under scrutiny. The next time you’re looking to retain a forensic accounting expert, make sure you consider their professional credentials, relevant case experience, communication and presentation skills, integrity and objectivity.
- Professional Credentials and Specialized Training
Strong credentials and specialized training are non-negotiable when retaining a forensic accountant. The right credentials not only enhance an expert’s ability to analyze complex financial matters but also support the expert’s findings with authority. At a minimum, look for a Certified Public Accountant (CPA), but also consider other certifications like a Certified Fraud Examiner (CFE), which demonstrates advanced expertise in fraud detection, litigation support, and investigative techniques. Depending on the facts and circumstances of each case, certain credentials may be more relevant to the expert’s scope of work. In highly complex cases, numerous financial issues will overlap, making several credentials relevant for a single financial opinion. The following is a list of credentials commonly obtained by qualified forensic accounting experts:
- Certified Public Accountant (CPA)
- Certified Fraud Examiner (CFE)
- Master Analyst in Financial Forensics (MAFF)
- Accredited in Business Valuation (ABV)
- Certified Valuation Analyst (CVA)
- Certified Insolvency and Restructuring Advisor (CIRA)
- Certified in Financial Forensics (CFF)
- Certified Anti-Money Laundering Specialist (CAMS)
- Accredited Senior Appraiser (ASA)
- Relevant Case Experience
It’s important that your forensic accounting expert has experience working on comparable cases that are similar in scope, industry, and complexity. A forensic accountant that has prior exposure to comparable cases will likely already understand proven methodologies to analyze and effectively present the financial information in court. The forensic accountant may have prior experience with trends in the industry, key documents to request, and may be able to uncover financial evidence through knowledge and patterns obtained in prior cases. Through relevant case experience, a forensic accountant may also understand the challenges associated with proving the financial aspects of the case including anticipated cross examination and rebuttal.
- Communication and Presentation Skills
If your expert can’t clearly articulate the financial findings, then even a rock-solid analysis will fail in front of the court. Communication and presentation skills are essential, as the expert must present findings clearly, stay composed under cross-examination, and translate complex financial issues into plain language for judges and juries. Look for someone who not only has deposition or trial experience, but who can also explain their methodology and conclusions in a way that is both credible and compelling. Since math and numbers are not every judge and jury’s strong suit, it becomes even more important to retain a forensic accounting expert that can distill complex financial data into clear and compelling expert opinions that resonate with non-experts and stand up to legal scrutiny. When selecting a forensic accounting expert, look for someone well versed in creating professional charts, graphs, and other visual tools to clearly communicate complex financial information.
- Integrity and Objectivity
Anyone seeking to retain a forensic accounting expert should prioritize integrity and objectivity. These qualities ensure that the forensic accountant’s analysis is grounded in facts and not influenced by external pressures or client expectations. An objective expert provides unbiased, independent opinions, even when findings may not favor the retaining party. Integrity ensures that the forensic accountant’s opinions are based on sound methodology and transparent reasoning. A forensic accounting expert with integrity and objectivity will strengthen the credibility of the expert, their opinions, and your case.