Financial Reports Prepared by Expert Witnesses: Anatomy and Application
Financial expert witnesses evaluate and prepare the reports dealing with financial matters. They are able to understand the specifics, apply various elements to the reports and assist the judge or jury in comprehending the more complicated matters that pertain to the case.
With the assistance of an expert witness, it is possible for financial reports to be prepared, created and explained by a professional with these items in the courtroom. This helps for complicated claims and matters that need someone with expert knowledge. It is important to succinctly and perfectly communicate findings, discovered information and details relevant to the subject matter. These reports must be provided to both the client and the opposing lawyer in a verbal and written manner. The ability to properly communicate and explain these financial data are often how an expert is created and separates him or her from others in the same field.
Organizing and managing financial reports may lead to better outcomes in claims, cases and courtroom trials. The items within should include an introduction. This explains who the person is, all the parties involved and the scope of the expert’s opinion. There should also contain a background. This is where the facts of the issue are laid out for a better understanding of the calculations and other data. The documents and files reviewed are helpful when someone needs to look over the reports. The claims, loss and similar matters are vital to financial documentation, and these could assist in a judge or jury comprehending how much compensation to apply if the case is successful.
The Financial Reports PartsWhen an expert witness is preparing a financial report, he or she usually includes an introduction that has various pieces of information for others. When an expert drafts a report, this item is usually provided to the judge to review and ensure it is admissible. This means there are details such as who the report is about, who has created the item, which others should be included and the opinion devised by the professional. There are generally many specifics, but some matters may be broader in scope depending on the individual claim. The intro part of the financial report analysis could be a summary of the entire situation to include loss calculations for economic damages.
It is usually the background part where the more detailed analysis for calculations are determined. This is based off of facts and data compiled from damages and other economic losses such as potential profits lost until the matter has been cleared up. The facts and evidence explained in this section usually is standard and may be uniform throughout. The event that caused the loss or harm to the company or person is often extensively described to include what compensation may be necessary based on the damage. Other details may be involved such as employment status and history, income and similar items of anyone included in the case.
Application of the Financial ReportOnce the financial details have been finalized within the report, it is supplied to the judge and utilized for the jury to assist in making a deliberation after everything has been presented. The utilization of the report details the facts of the economic and financial damages sustained by the plaintiff. This also describes the incident, the evidence tying the defendant to the event and the calculations necessary to arrive at a reasonable and fair compensation amount that should be awarded with a successful outcome. When the report is convincing enough, the expert witness may need only to testify about the details in the report. He or she may add to this data, or his or her testimony may have more information to express the need for necessary awards to the plaintiff.
When an expert witness is hired, he or she usually clarifies evidence or explains aspects of a case that the lawyer or other experts are unable to describe. This usually involves proof and facts supplied by an incident or a crime scene. For litigation when economic and financial damages have transpired, these are easily seen through numbers and projections based on the incident. With these details, the expert witness is able to apply a report created specifically for the claim. He or she is then capable of relaying this report to the judge or jury in a presentable form that is understandable. With the hiring of an expert witness, the chances of succeeding in the courtroom usually increase significantly.
Provided by HG.org
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.