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What to Look for in an Unbiased and Objective Forensic Accounting Assessment

Prosecuting and defending attorneys, as well as courts, require unbiased and objective expertise when assessing financial matters related to litigation. Whether it’s to determine the worth of a business, or to identify compensation due to a party within a complex contract dispute, forensic accounts provide financial analysis and deliver recommendations that contribute to final court decisions.

Establishing an accurate, unbiased determination of financial value for personal income, a business or the fairest outcome of a contract disagreement is challenging given the high emotions and outlooks of different stakeholders in a legal dispute. When called to help make such a determination, attorneys should look for forensic accounting experts who rely upon an objective methodology, developed to meet the particular needs of each case, and in-depth financial analysis to establish a rigorously developed opinion.  It’s critical to the success of the case to hire professionals who provide a comprehensive investigation of all documents, transactions and agreements pertinent to each case and the needs of the court.

Examples of unbiased forensic accounting assessments are as follows:  

  • A plaintiff sought payments from an ex-spouse for child care expenses she believed had not been included in the agreement establishing the terms of the divorce. The court relied on the forensic accounting expertise of DMC CPAs who investigated those expenses for which the party sought compensation to determine if they had indeed, been covered in the agreement. The defendant had also recently started a business and DMC examined the business finances to assess the owner’s income as a determinant for any final reward due to the plaintiff.  The Firm’s report determined the defendant’s income based on the revenue, expenses and overall profitability of his company, and pinpointed which expenses were not covered in the divorce agreement and remained pertinent to the case.
  • A divorce proceeding required the valuation of a company owned by one of the parties. Because a variety of valuation methodologies result in different determinations of financial value, DMC CPAs outlined three possible valuation methodologies and clearly explained for counsel the methodology it pursued to develop its final calculations, thereby emphasizing the unbiased and objective basis of its conclusions.
  • A promoter of a multi-year concert series alleged that other promoters had not provided the agreed-upon compensation from a contract agreement. DMC CPAs delivered an exhaustive review of contracts, receipts, checks and other documents that represented four years of financial transactions between the promoters, to determine whether all parties had complied with the contract terms. The forensic accountants delivered the final findings with copies of all the documents for purposes of any additional review needed by the court’s legal team. The forensic investigation of financial documents of several promoter stakeholders in the concert series over a four-year-period to conclude that the contract terms had not been met and recommended a precise amount the firm believed was owed the plaintiff.

When business or interpersonal disputes end up in the court system, legal teams need to engage unbiased forensic accountants to determine financial worth.

DMC CPAs professionals are known for their lack of bias and their objectivity. Financial determinations in legal matters often begin and end with the expertise of experienced forensic accountants.  Contact Jim DiGabriele at jim@dmcpa.com for assistance in forensic accounting, forensic economics and business valuations.

Accounting Firm | New Jersey CPA - DiGabriele, McNulty, Campanella & Co is a New Jersey CPA Firm focused on providing forensic accounting, forensic investigation and damage calculations for litigation and other purposes. Also offer traditional tax, accounting and audit services to companies across the Tri-state region.

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