|
FAQs ABOUT FORENSIC ACCOUNTING
What is a forensic accountant?
Forensic accounting is defined as "pertaining to or employed
in legal proceedings." Forensic accounting is performed
in litigation involving financial issues where the accountant
renders an expert opinion or provides litigation support.
What exactly does a forensic
accountant do?
In court, the parties are arguing over financial issues. For
example:
- Who stole the money?
- Who is owed money?
- How much money am I owed for my stock?
Forensic accountants answer these questions
in a courtroom. To do so, they must analyze financial statements
and delve behind the records to present the true financial
picture. A forensic accountant will analyze financial documents
and probe behind the numbers to identify fraudulent, nonrecurring
or improper transactions. Once they have unraveled the financial
picture they will understand who stole the money, but this
may only be the beginning. To answer the questions of business
value and lost profits, forensic accountants apply financial
and valuation theory and procedures to quantify lost profits
and business value.
A forensic accountant must have the knowledge, skill and temperament
to investigate and restate complex financial transactions
so that they present the true economic picture. He/She must
also be qualified to apply sophisticated financial and valuation
theories to arrive at an opinion of economic damages, lost
profits or business value. The forensic accountant must possess
the qualities of a streetwise investigator and a college professor.
How do I know if
I need a forensic accountant?
If you are a business owner, and you are
asking questions such as:
- How much money did my controller steal?
- Why don’t I have more profits?
- What is the value of my business?
- My business was destroyed.
What are my damages? Do I have a claim for lost profits?
If you are an individual and you are asking
questions such as:
- We always had money. Now that we are getting
a divorce why don’t we have money?
- Why isn’t there
more money in my father’s estate?
If you are asking these or similar questions,
you need a forensic accountant.
How can I find a qualified
forensic accountant?
A forensic accountant should possess the knowledge, skill
and temperament to form an opinion on the financial issues
in dispute. There are many designations and credentials. These
are important, and Morrison & Company accountants possess
them. Do your own investigation. Talk to attorneys who have
used the services of a forensic accountant. Ask about their
reputation in the marketplace. We invite you to inquire about
our reputation.
How much will this investigation cost?
The simple answer is more than you want to spend. By its nature,
forensic accounting is very expensive. The most expensive
aspects are the detailed financial investigation, report preparation
and courtroom presentation. Ask your attorney and forensic
accountant about the likely outcome. Ask how much money you
are likely to recover. Be guided by their judgment. Wherever
possible, pay for the expert’s counsel and advice and
settle your case as early in the proceedings as possible.
If the case does not settle, it will most likely require detailed
investigation, a thorough report and courtroom testimony.
We are committed to performing the highest quality of work
at the most reasonable rates, but extensive work will be expensive.
We will be happy to quote you hourly rates and estimates and
will keep you apprised of the cost.
FAQs ABOUT MORRISON AND COMPANY
What
are Morrison & Company’s qualifications?
Morrison & Company has been providing comprehensive forensic
accounting services to diverse client groups since the firm’s
founding in 1984. The team has conducted forensic accounting
investigations in a multitude of industries on behalf of individuals,
small businesses, Fortune 500 companies, lawyers, and judges.
Morrison team members are CPAs, lawyers and credentialed members
of professional associations. All members of the firm subscribe
to the highest standards of ethical and professional behavior.
The Firm values are Integrity, Excellence and Common Sense.
What
should I do if I think I need Morrison & Company’s
services?
If you think you may require forensic accounting services,
we suggest that you contact us as early as possible. This
will enable us to evaluate your needs in a timely and cost
effective manner.
Does
Morrison & Company work with other professionals?
A comprehensive forensic investigation often involves other
parties such as lawyers and individuals from other disciplines
such as private investigators, actuaries, law enforcement
agents or engineers. Morrison & Company is skilled at
working with multi-disciplinary teams in order to gain the
most comprehensive understanding possible regarding the case
at hand.
Does
Morrison & Company have experience in mediation?
Yes. In fact, some members of the team are approved mediators.
Morrison & Company accountants have mediated hundreds
of disputes. When possible, we will negotiate difficult financial
issues to avoid protracted and expensive legal proceedings.
|
