(i) Litigation support – By this support we mean assisting to obtain documentation necessary to support or refute a claim.
1. Review of relevant documentation to form an initial assessment of case and identify area of loss.
2. Assistance with examination for discovery including the formulation of questions to be asked regarding the financial evidence.
3. Attendance at the examination for discovery to review the testimony, assist with understanding the financial issues and to formulate additional questions to be asked.
4. Review of the opposing experts damages report and reporting on both the strengths and weaknesses of the positions taken.
5. Assistance in the areas of settlement discussion and negotiations.
6. Attendance at trial to near the testimony of the opposing experts and to provide assistance with cross examination.
(ii) Investigative support:-
· Reviewing of the factual situation and provision of suggestions regarding possible courses of action.
· Assisting in protecting and recovering of assets
· Co-ordination of other experts like
(a) Private investigations
(b) Public investigators
(c) Forensic document examiners
(d) Consulting engineers
Scopes of Forensic Accounting
Forensic accounting like other professions covers so many afferent areas of disciplines which includes as follows
(i) Public sector accounting
(ii) Financial accounting
(iii) Investigative accounting
(iv) Auditing
(v) Legal matters
(vi) Quantitative methods
(vii) Medicine
(viii) Engineering
(ix) Banks
(x) Telecommunication
(xi) Criminal matters
(xii) Financial crime offences
(xiii) Insurance
(xiv) Corporate bodies
Fundamental Forensic Knowledge
A forensic accountant must be knowledgeable in so many area like
(i) Professional responsibilities and practice management
(ii) Laws, courts and dispute resolution
(iii) Planning and preparation
(iv) Discovery
(v) Reporting, experts and testimony
(vi) Information gathering and preservation of documents, electronic data, interrogations, interviews.
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