The calculation of damages for personal injury claims will revolve around estimated loss of earnings and/or pension. It is up to the claimant to quantify their loss if they want to be returned to the same financial position before the incident occurred. A forensic accountant will analyse the ins and outs of a case and provide an expert opinion.
Specialist forensic accountants can act as an expert witness, with a view to giving evidence in court. Their aim will be to assess the true value of the loss suffered. When assessing a personal injury claim, there are a few things that a forensic accountant will analyse. These include whether the injury suffered will impact the amount of money the claimant is likely to receive in their pension, if any time away from work as a result of the injury will impact their chances of promotion and/or salary increases, and if the claimant will miss out on any performance-based benefits they would have achieved if the incident had not taken place.
To go into this level of detail takes time, effort, and skill. A forensic accountant is adept at dealing with complicated and far-reaching investigations and achieving the best possible result for their client.
Forensic accounting can also be extremely important if the personal injury suffered is particularly severe. Should the event be likely to, or has already caused, a lifelong impact on the claimant and their family, a forensic accountant will be essential to ensuring all avenues are explored and all necessary calculations are made. Examples of additional costs include care costs, changes to housing, and loss of potential earnings.
If the incident resulted in a fatality, the deceased’s family would also need to be taken into account. Estimates will need to be made on the deceased’s expected earnings (taking into account future wage increases and promotions), as well as the impact on the family due to a lack of pension.