Financial fraud cases can often be large and complex, with vast amounts of data to analyse and condense into evidence that can be utilised in court proceedings. The process of doing this is incredibly time-consuming and takes a great deal of skill to ensure that nothing of value has been missed. This is where forensic accounting can help.
On the whole, the prosecution’s case when it comes to financial fraud will not be based on expert evidence and instead will rely heavily on their own interpretation of the facts. This approach can quite easily be countered and overcome with the help of a specialist forensic accountant, who will be able to carry out a thorough analysis and investigation of the financial records provided. By ascertaining the true facts of the case using robust, tried-and-tested methods, a forensic accountant can instantly boost the chances of success for their client.
Another way forensic accounting can help is when it comes to the presentation of evidence. To improve the chances of success when defending a case of financial fraud, it is essential that all data is presented in such a way that is easy for the judge and jury to digest. As we have already mentioned, this can be incredibly difficult to manage given the often complicated nature of these activities. A forensic accountant will do this as standard, immediately giving you a potential advantage you otherwise might not have had.
Forensic accountants are also adept at acting as expert witnesses in court, and giving evidence under cross-examination. This can often be instrumental in securing a positive resolution for a defence team, as a forensic accountant will be able to field questions and add a layer of financial expertise and know-how that could otherwise be missing.
It is perhaps in the quantifying of benefit where forensic accounting really comes into its own. By carrying out an in-depth review of the figures, a forensic accountant will be able to assess the true value of the case. This includes differentiating between monies that were acquired legitimately and illegitimately, and identifying what (if any) criminal proceeds the defendant had received. Because of this, a forensic accountant can have great success with having a defendant’s Benefit and Available Amount significantly reduced.