Forensic Accounting Services and Litigation Support
As the world and business become more complex, so to do our financial and legal needs. Our activities, transactions and dealings also become more and more complicated which can create the need for forensic accounting services. LaPadula, Carlson + Co. has been providing forensic accounting services and litigation support for over three decades and can ensure you will have the resources and professional expertise required to enhance your particular position in a wide variety of financial and legal matters. Our services are offered to numerous types of clients such as corporations both public and private, employee benefit plans, law firms, accounting firms to name a few.
What Is Forensic Accounting?
Simply put, it is the highest level of Accounting and Auditing Services offered by Certified Public Accountants. Their conclusions are the most sustainable in an adversarial proceeding or in a judicial or administrative review. They are suitable for legal review thus offering the highest level of assurance. The forensic accountant's findings are based upon scientific detection and interpretation of the evidence under examination. In other words, a forensic accountant's work is typically the most sufficient and comprehensiva available so that their independent conclusions are normally the most reliable and accurate.
Forensic accounting is quite different than financial auditing and other types of financial reporting services in that their main objective is reporting and attesting to the likelihood the figures reported are fairly stated in accordance with Generally Accepted Accounting Principles (GAAP). Similarly, in fraud auditing the main objective is for the auditor to assess the likelihood that fraud can be detected or prevented in a corporate or regulatory environment.
What Is A Forensic Accountant? Forensic Accountants are highly trained investigators; they are independent and unbiased and offer years of first-hand experience. The Forensic Accountant becomes an integral part of your negotiations or litigation by providing accurate information needed in the evaluation or settlement of disputed amounts. The main reason for hiring a Forensic Accountant is to use their findings and conclusions to facilitate a settlement, claim or jury award by quantifying and supporting the findings.
Forensic Accountants use a vast number of examination techniques and although some may be similar to those used in regular financial accounting and auditing, the objective and depth of forensic procedures are quite different. For example, a forensic accountant may examine a trail of documentation and information to corroborate the calculations needed to meet the specific goal of the engagement. The Forensic Accountant may continue in-depth investigation by conducting in-person interviews with individuals involved with a particular matter to extract evidence to support a specific position he has taken or to disprove that of an adversary.
When Should A Forensic Accountant Be Hired?
Forensic accountanting engagements relate specifically to an issue(s) usually defined by the party engaging the accountant. The client normally defines a specific task or goal, such as calculating a loss as a result of a catastrophic event, calculating a royalty or the value of the pension plan, unreported employee benefit contributions, wage and hour issues, etc. We always tell potential clients that they will know when the time comes to hire a forensic accountant. Also, keep in mind even though your regular accountant may be highly qualified to perform your normally recurring work, they may not have the expertise required to perform these vary specialized services.
Our "Certified Financial Forensics" (CFF) & professional staff members performed forensic accounting and litigation support services in the accompanying areas:
- Acquisitions and Mergers
- Bankruptcy Proceedings/Insolvencies
- Breach of Contract Losses
- Business Interruption
- Business Valuations
- Catastrophic Event Claims
- Class Action Cases, Securities, Drugs, etc.
- Commercial Fraud Investigations
- Embezzlements
- Expert Testimony in Litigation matters
- Financial Statement Fraud Detection
- Hidden Assets Investigation
- Insider Trading Cases
- Marital, Corporate and Partnership Dissolution
- Personal Injury and Wrongful Death
- Wage and Hour Litigation
- Unreported employee benefit contributions and other assessments