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- "Forensic,"
according to the Webster's
Dictionary, means:
1) "belonging to, used in or suitable to courts
of judicature or to public discussion and debate"
2) "pertaining to or employed in legal proceedings
or argumentation."
"Accounting,"
as defined by The Random House Dictionary, is "the
system of organizing, maintaining ... the financial
records of a company or an individual."
Forensic Accounting,
then, is the practice of accounting in support of litigation.
A Forensic Accountant provides an accounting analysis
suitable to the court that will form the basis for discussion,
debate and ultimately judicial decision. A Forensic
Accountant utilizes specialized accounting skills to
conduct an investigation into the actual earnings and
income stream of individuals and businesses. A benefit
of employing a Forensic Accountant is for his or her
ability to communicate financial information clearly
and concisely in a courtroom setting.
After a Forensic Accountant is retained for a marital
dissolution case, he or she typically would:
- Assist
the attorney in defining the accounting matters
- Assist
the attorney with discovery requests
- Summarize
and analyze financial data and transactions
- Prepare
reports and declarations
- Perform
complex business valuations under family law rules
- Attend
depositions to support opposing witness examination
- Assist
in settlement negotiations
- Assess
tax aspects of proposed settlements
- Assess
issues for trial
- Prepare
court exhibits for trial
- Testify
as an expert witness in trial, if necessary
- Support
attorney in witness cross examination at trial
- Review
judgment for accuracy of findings.
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