Whether you’re fighting a company for back pay or you’re a business owner who thinks a client or employee has wronged you, there are many reasons someone may take a financial case to court. The more complicated the situation, the more likely it is that you’ll need an expert witness on your side.
What a Financial Expert Witness Does
A finance expert witness is responsible not only for being technically proficient in his or her field but also for being able to communicate information effectively. While some expert witnesses take the stand, others simply provide witness reports. The report consists of several sections.
- Introduction – This explains who the witness is, who the parties in the case are, and the scope of the witness’ analysis.
- Background – This is where the witness lays out the facts of the case and the finances as they relate to it.
- Document Review – In this section, the witness will go into more detail about documentation, creating a list of the information provided. If the list is too long, it can also be attached to the report or provided as a separate exhibit in court.
- Claimed Loss – The witness prepares a rebuttal for the other side’s expert. It should include examples such as whether the other side relied on specific research and so on.
- Analysis – The witness should analyze the claim, providing a detailed description of all facts and statistics in congruent writing that includes all calculations.
- Conclusion – Finally, the witness must include a clear conclusion that summarizes the information in a few sentences.
Why You Should Consider Hiring a Financial Expert Witness
There are several reasons you should consider hiring an expert witness to help you with your case. Perhaps the most important is to add credibility to your argument. Hiring a certified public accountant as an expert witness is preferable since it means he or she is licensed by the state. It’s also preferable for you to hire a witness who is certified in forensic financials, which only a CPA is allowed to do.
Financial court cases deal with a lot of numbers and data, which is another could reason to have a financial expert witness on your side. If you aren’t a numbers person, trying to understand the information could cause issues in your case. A CPA not only understands and interprets the data you can’t but also presents it to you and everyone else involved in the case in a way that you can understand.
Always hire someone reputable when hiring a witness. Look for someone who is licensed, insured, and has knowledge and experience in the type of case you need help with.