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How Forensic Accountants Are Used In Court and The Benefits Or Drawbacks?
Forensic accountants are used in court as expert witnesses, who can provide clarity to situations that require their experience and skill tests when it comes to matters dealing monetary concerns, especially when it comes to litigation. Forensic accountants are also important to contribute to the court system in order to be a reliable source of credibility to the jury. Forensic accountants can also investigate and provide services to gather more evidence that may proof to be useful to the the determination of a fair outcome of a case. Overall the benefit and drawbacks may be split between the parties. For instance, the testimony of an expert can assist the case in favor of one party and to be unfavorable to another party. Someone must ultimately also pay for the services of the forensic accountant, and are not guaranteed to get the results they may desire, or in their own benefit.
Do you agree the primary purpose of the expert is to be a “settlement facilitator?”
Depends on the case. Some cases do not result in settlement, however for the cases that end up resulting in a settlement, the expertise of an expert can be useful in figuring out a middle ground in practice. Since both parties will have the tendency to desire the outcome be more in their overwhelming favor, they may initially push for settlements that could appear to be outlandish from the actual fair value of the settlement. And in helping to determine a fair settlement and conveying why the settlement is fair and objective, the forensic accountant can be incredibly useful, which in turn can make them appear to be a vital and important settlement facilitator. Yet, their primary purpose should not be to dedicate their expertise to the pursuit of a settlement, even if it ends up contributing to a settlement. A forensic accountant should utilize their expertise in the pursuit of answers with an unbiased approach, and not a desired outcome in mind. Then provide their findings to the court with their honest opinion and presentation of the facts.
What are some benefits of settlement?
The core benefit of a settlement is simply avoiding going to trial, where many issues can potentially arise for both parties. Costs, public exposure, and other non desirable consequences may result from taking a dispute to court. Which means it may be much more mutually beneficial for both parties to settle instead when the alternative may proof to be not worth it, especially since they at least both have some say in the settlement, where a court ruling is not in their control. Plus, their is a risk with having to deal with a jury who in all honestly may not be perfectly suited to deal with complex financial matters, that take even experts years of experience to fully grasp.
What is the Voir Dire process and how does the expert qualify to testify?
According to the article “ Qualifying the Expert Witness: A Practical Voir Dire,” Voir Dire is a process whereby the court examines the credentials and qualification of a witness selected by an attorney. It is a way to vet for the legitimacy of the expert. The exact methodology that is use to qualify if an expert is eligible to testify in court can be sum up by their experience and legit sources to backup the expert’s certifications As well as a healthy background that is void of anything that could question the integrity of the expert’s character. As well as checking to see if there are any potential conflicts of interests. This is to ensure that an expert is both acting ethical and that his or her expertise is justified to be reliable without concerns of a motivate to benefit one specific party.