How Forensic Accountants Help with the Resolution of Commercial Disputes
The role of a forensic accountant when it comes to commercial dispute resolution can vary greatly. From casting a subjective eye over the merits of a claim, to calculating and quantifying damages, their service will be designed to take the worry out of what could be an extremely stressful and complex situation.
Typically, forensic accountants will first of all carry out a preliminary review of any information provided by their client, provide an initial analysis of liability in the situation, and quantify potential damages. Crucially, they can also give their opinions on the merits of a claim, which could end up saving a lot of time and money. This is why it is essential to consult a forensic accounting specialist at the earliest opportunity.
Once the early steps are completed, forensic accountants can assist with drafting letters before actions, witness statements and statements of claims — while also providing technical assistance and offering independent opinions on technical accounting matters. In addition, they will offer support throughout mediation and settlement negotiations.
The main purpose of a forensic accountant in commercial dispute resolution comes in the investigation stage. They will carry out an in-depth review of all information and seek out new evidence with the aim of proving or disproving (depending on whether they are acting on behalf of claimants or defendants) the claim. They will then present a thorough report of their findings and can even appear as an expert witness should the case go to court.
Quantifying damages is another integral role of a forensic accountant, as they will use all of their expertise and know-how to determine exactly how much loss has occurred and how much money is needed to make the claimant whole again. Having the unbiased and professional opinion of a forensic accountant on your side can often be the difference between success and failure.
Why Work with Forensic Accountants
Commercial disputes are often incredibly complex and usually need a robust approach and commercial know-how to get to the crux of the matter. A forensic accountant can provide just that, while doing everything they can to deliver a positive outcome for their client.
Resolving commercial disputes requires a detailed analysis of accounting and financial records to trace, identify, and assess the compensation or benefits a claimant should receive during the process. This is something only a specialist forensic accountant can achieve.
Types of Commercial Disputes
There are many different root causes of commercial disputes, including:
- Contractual disputes
- Transactional disputes
- Compulsory purchase orders
- Shareholder/partnership disputes
- Professional negligence
Because no two cases are ever the same, a specialist forensic accountant will take the time to thoroughly understand the circumstances of the situation and adjust their approach accordingly to provide a tailor-made solution for their client.
Commercial Dispute Examples
Commercial disputes come in all shapes and sizes, and can sometimes be incredibly difficult to work through. From breach of contract and share valuation, to calculating lost profit claims and profit variance, utilising the expertise of a forensic accountant can be crucial to securing a positive outcome.
Free eBook: The Complete Guide to Forensic Accounting
Whether you’re in the middle of a divorce, are having a disagreement with a fellow shareholder, you’re accused of/have been victim to financial crime, or are the subject of a POCA order, there is a huge variety of ways a forensic accountant can assist and support you through any situation, no matter how complicated.
Whatever your situation, our free guide to forensic accounting is designed to help you to better understand the work done by our team of experts. We cover how the process works, when a forensic accountant’s skill set can help you, their specific areas of expertise, and much more.
Expert Commercial Dispute Advice from Inquesta
Inquesta are proud to offer an all-encompassing commercial dispute resolution service that is backed by decades of combined experience. Our aim is to reduce the stress on our clients and their operations, and provide industry-focused advice whenever it is required.
Completely comfortable acting on behalf of both claimants and defendants, we are able to provide an independent opinion on the merits of a claim, and will use our expert forensic accounting techniques to quantify any damages that may have occurred. We have been involved in a wide array of cases, such as contractual and transactional disputes, compulsory purchase orders, professional negligence claims, and much more besides.
The best interests of our clients are at the forefront of everything we do. This is why we will take a preliminary look at a case at no cost to see if there are any areas that we can assist with. A no-nonsense approach that is dedicated to achieving results.
Get In Touch
Our Specialist Team
Inquesta has assembled a dedicated team of forensic accounting experts that can assist with commercial dispute resolution — whatever the circumstances may be.
Rob Miller
Director of Forensic Accounting
A co-founder of Inquesta, Rob Miller is a chartered accountant, a member of the Institute of Chartered Accountants in England and Wales (ICAEW), and a Practising Member of The Academy of Experts.
With decades of experience in providing specialist forensic accounting services, Rob has been instructed to assist with numerous cases — such as financial investigations, criminal defence and confiscation proceedings, commercial and contractual disputes, valuation matters, and much more besides. He has acted on behalf of claimants, defendants, and as a single joint expert.
“Rob Miller is my first choice for forensic accountancy on criminal cases. He has an impressive eye for detail and adopts a ‘user-friendly’ approach to interaction with our clients and other professionals which ensures the smooth running of any task we instruct him to undertake.”
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