Finance Monthly - May 2022

51 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s and calculating economic damages, assisting with discovery review, reviewing documents and financial data, determining appropriate damages methodologies, quantifying damages, preparing expert reports, providing expert witness testimony, and reviewing opposing experts’ opinions. In these engagements, we may assist in producing an expert report for a trial or arbitration. An expert report generally includes our expert interpretation of the matter and a dollar amount of economic damages that our client may be owed. Calculating economic damages may involve analytical procedures, interviews, document review, and accounting data review similar to forensic investigations. Additionally, litigation support engagements may involve a significant portion of research and input on specific industry trends and projections. Once we have concluded our opinion for the court, we also assist attorneys and clients by attending depositions and providing expert witness testimony. We also assist by reviewing the opposing expert’s reports and attending their depositions. Overall, we work closely with attorneys and clients throughout all stages of the dispute. What are the key traits a great forensic accountant and an adviser need to possess? There are many key traits to be a great forensic accountant and an adviser, but it really comes down to two key traits: a drive to solve problems and clear communication with the attorneys and clients. As forensic accountants, we are engaged to solve problems and provide clarity on issues that may be overwhelming for the client’s scope. In contrast to other areas of accounting, such as audit services, disputes we are engaged to resolve are often unique. For this reason, having a great drive to solve problems is one of the essential traits in this field. Furthermore, we must be able to clearly and effectively communicate to those that we serve. Our investigation and litigation support become meaningful only when our work can be properly articulated to those who may not be experts in the field. This includes verbal communication throughout the process, writing skills to compose expert reports, and experience to navigate the challenges of one of the loneliest places on earth, the witness stand. What is your favourite part about your job? My favourite part about my job is that our work is rarely dull. We get to analyse and gain insights into all types of industries and diverse companies and individuals and we get to solve real problems. Whether it is a forensic investigation or expert witness assignment, our work provides tangible value by providing our clients with the bottom line. We bring real solutions to complex business problems.

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