In today’s world of increasingly complex financial markets and financial crime, the role of the forensic accountant has evolved with paralleled sophistication. This article outlines the cornerstones of the forensic accountant’s duties, and more specifically, aims to provide insight for litigators on how to extract the most value from their engaged forensic accountant.
The forensic accountant’s function should not be used by the litigator in a silo, independent from the rest of case management. Instead, the forensic accountant should be used in concert with the litigation team to attain the breadth of value the financial expert can provide during case management. While the duties of the forensic accountant are fluid in their form, in substance the goal is constant: To help the attorney avoid costs, mitigate uncertainty at trial, and formulate policies and procedures to stop any misappropriations of cash or information from continuing.
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