What is the Role of a Finance Expert Witnesses

If you ever find your business in a legal struggle in the matter of finance or accounting, you will need a finance expert witness to guide you through your struggle, and even help you strengthen your case based on facts – technical and legal. In fact, even your attorney will suggest you to employ the services of finance expert witnesses, so that you get a better understanding of your situation and find the best solution for it. A finance expert witness performs the following vital functions for your business.

Brings Objectivity and Facts to the Table

If there is one common thing across the litigations, then it is the noise. A lot of noise comes out of both the parties involved in the litigation, which makes it impossibly hard to separate the facts from fiction. A finance expert witness conducts thorough investigations, scrutinizes all the relevant documentation which is usually highly complex in nature, and analyzes the market data. They interview all the parties involved, gain an understanding of different perspectives, and the course of events that led to the litigation. In a nutshell, these experts will separate all the fluff from the core issue at hand, and offer only the facts to you in the most objective manner.

Analyze the Claims, Potential Fines, and Their Legitimacy

Finance expert witnesses use their vast knowledge of accounting, finance, and general business management to analyze the legal situation you are in. If claims have been made, they will apply their knowledge to ascertain the legitimacy of those claims. They will understand the reasons for seeking redressal, and assess the ideal value of compensations in such situations, as per the applicable laws. If they find any discrepancies between the value of claims and their ideal value as per current laws, they will apprise you of the same. Further, they will advise you on the correct course of action that will minimize your losses or maximize your profits.

Issue Independent Witness Report

This is possibly the most important role of a finance expert witness. Based on their perusal of the litigation from the perspective of both sides, a finance expert witness will issue an objective and independent expert witness report that will capture any reservations or doubts they have about the claims put forth by the claimant, among other things. This report can be used as a witness in the court.

Analyze the Opposing Side’s Reports, Contest them, and Testify in Court Hearings

Finance expert witnesses will go through the other party’s expert witness reports and point out the shortcomings, weaknesses, and invalidity of their claims to them and the arbitrators in the court. They will discuss with the other party’s finance expert witnesses about the differences in their opinions, or help the two parties approach a consensus.

Finally, they will appear in the court as independent witnesses and explain their position on the case by supporting them with strong legal evidence and documentation, thus making your case stronger.