Accounting and Business Valuation Expert Witness Articles
Accounting and business valuation expert witnesses can assist attorneys with a variety of cases. In these articles, read how expert witnesses have helped with cases concerning accounting errors, hotel liability issues, small business litigation and more.
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Accountant Expert Witnesses - How Their Professional Rules Affect Their TestimonyAccountant expert witnesses have certain professional rules that apply to both work and testimony or reports involved in the cases or claims that these accountants will work with and in which may change what will occur. These professional rules affect how the expert works and what he or she will progress through with the evidence.
Read more- Accounting – Why and When a Forensic Accountant Is Needed
Forensic accounting is a specialized form of accounting that is conducted by an expert in a particular field. It can be used in many applications and consists of a wide array of activities. The forensic accountant may testify in court as an expert witness.
Read more - Expert Witness Explains Hotel Liability for Negligence of Franchisee
Hotel owners and franchisees have a relationship that benefits the brand behind the hotel. However, when the franchisee engages in activity that may lead to litigation, the hotel could be liable for these actions and an expert witness may be needed for the court case.
Read more - Expert Witness Explains Small Business Litigation with Big Business Economic Damages
Small businesses operate under the fear that they will one day be sued. Today, someone can sue a company for nearly anything. Even if the plaintiff sues a business and does not prevail, there can still be a significant impact to the business that must defend against the claim. Often, significant economic damages may be alleged that rival the damages lodged against big businesses.
Read more - Expert Witness: Business Owner Conflicts with Shareholders
Conflicts between business owners and shareholders are not uncommon. The duties and direction between these two groups are often opposing. These conflicts are often more pronounced when dealing with smaller businesses. These businesses may not have as extensive oversight as publicly-traded companies do. Recognizing the adverse nature between the parties can provide an expert witness with the background to explain the conflict to a judge or jury.
Read more - Forensic Accountant Expert Witness Evaluations of Lost Income
Accountant expert witnesses are necessary for a number of monetary issues within a company, but forensic accountants have the ability to take apart the entire operation and understand the minutiae of the numbers much better. These professionals have tasks to evaluate lost income and discover where it has disappeared to and if the business is engaging in illegal activities.
Read more - How Does an Expert Witness Help with Business Valuation?
Setting up procedures that are used to determine and estimate the financial value of the interest of a business owned by a person is business valuation. It is used for the market and what may be used as a starting point in pricing for the sale of a company.
Read more - Why Testimony of an Expert Witness Aids in Business Transactions between Companies
Business transactions between companies are often complicated due to the amount of information that must be passed back and forth between them. There are certain associates that must coordinate the data and facilitate the transfer.
Read more - Corporate Governance Under the Sarbanes-Oxley Act
SOX: Creating the Public Accounting Oversight Board & Increased Corporate Responsibility- The Sarbanes-Oxley Act (“the Act”) was passed in July 2002 in response to the rash of real and perceived failures in corporate governance and financial disclosure. The Sarbanes-Oxley Act , also known as Sarbox or SOX, was passed in July 2002 in response to the rash of real and perceived failures in corporate governance and financial disclosure.
Read more - Equine Appraisal: The Value of our Horses
I am frequently asked, “What is an Equine Appraisal?” There are many definitions of appraisals in general terms. The shortened version for equine appraisal purposes is as follows: “An appraisal is not a precise measurement, nor a guess. It is a relative estimate (opinion) of value based on supporting facts.” I always like to compare equine appraisal with real estate appraisals. The two are basically the same, with a few exceptions, of course.
Read more - Corporate Governance: Accounting Standards Compliance a Concern
Audit Committee members should ensure that the accounting departments of the companies on whose boards they serve are adequately staffed and resourced to cope with FASB’s Accounting Standards Codification, IFRS, and other looming changes to the financial reporting landscape. Doing so should be seen as central to the governance duties of the committee.
Read more - How can an Economic Expert Determine My Amount of Lost Income in a Personal Injury Case?
In a personal injury case, the victim may have need of several experts to assist with the issues of the subject matter to include explaining and calculating the loss of income and other damages owed. These experts may become part of the claim as witnesses or give reports and documentation to support the claim as evidence.
Read more - How to Remedy Business Fraud with the Help of an Expert Witness
Business processes are often difficult to analyze and understand in a court room for the average person. Numerous complicated cases are extremely difficult to prosecute because the crimes are not understandable. An expert witness that has experience in the field of the business is often able to examine the documentation and grasp the details necessary to show how the crimes occurred and why the person is not at fault. In fraud scams or criminal activity, there may be someone that is blamed who took no part in the incident.
Read more - How to Select the Best Accounting Expert Witness
Expert witnesses with a background of accounting are needed when the issue in the courtroom deals with numbers, financial information and accounts at a company or small business. However, selecting the best professional for the entity is important so that the relationship between client, lawyer and expert are in sync for a more beneficial association.
Read more - Potential Testimony of Forensic Accountant Expert Witnesses
A forensic accountant expert witness may become necessary to unravel a confusing issue with a claim or case within a company such as when the bookkeeper or accountant hired for the business engages in illegal activity either alone or on behalf of the owner. Through the professional’s specialized experience, it is possible to understand and determine if a claim is valid or has sufficient evidence.
Read more - Using an Expert Witness to Establish Damages in Business Defamation Case
If defamation has occurred against a business, it may take steps to recover damages for the harm done to its reputation. An expert witness may be able to provide information about the availability of damages and the extent of damages. This information may be shared with the business as part of a consultation or as testimony provided during court.
Read more - Damages Expert Witnesses Can Provide Clarity in Lost Profits Cases
Lost profit cases typically involve a wrongdoer, the defendant, who caused economic damage to a wronged party, the plaintiff. To recover what was lost by the defendant’s wrongful action, the plaintiff must prove in a court of law that they suffered general damages, including lost profits. They must show the defendant caused a specific or estimated loss that is reasonably certain, not a guess. Lost profit calculations are necessary to prove damages in breach of contract actions that require plaintiffs to prove damages that the parties could have foreseen at the time they made their agreement.
Read more - Logistics and Distribution Are More Complicated Than You Think
Global supply chains are complicated and involve relationships between multiple supply chain partners. Each relationship requires some kind of agreement or contract between the parties that is often the source of conflict that result in law suits.
Read more - EBITDA Pro’s and Con’s
EBITDA, an acronym for "earnings before interest, taxes, depreciation and amortization," is an often-used measure of the value of a business.
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