In the corporate world, disputes between businesses will occasionally arise. In the majority of cases, these issues can be easily resolved. However, in a few instances, it becomes necessary to manage the dispute through legal channels. In such cases, the advice of accountants versed in the legalities of commercial disputes can be essential. Litigation support is one of the most common reasons to employ seasoned forensic accountants who are subject matter experts in this field.
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Litigation support is, essentially, the process by which forensic accountants familiar with the commercial disputes provide support and professional advice to attorneys. The kind of support provided can vary significantly from case to case. In some circumstances the professional advice might mean assistance during identification, extraction and analysis of relevant facts and documentation, while in others it might entail determining the extent of damages once the case has been tried.
In such cases, a forensic accountant will provide assistance with settlement discussions or in obtaining documentation to support a legal claim. They will also provide crucial support in the early stages of a legal dispute by conducting reviews of relevant documentation to form an initial assessment of the case, or by aiding in the discovery proceedings by helping to formulate key questions with regard to the financial evidence.