Complex financial cases often have complex evidence and documentation. When small businesses or large corporations find themselves in court, they often find they need the help of a financial expert witness. There are several types of witnesses, with the intricacies of the case determining which type may need to be put on the stand.
- Business Appraisers
One common type of expert witness banking is a business appraiser. Sometimes referred to as valuation experts, business appraisers are responsible for using a company’s financial data to predict what the company’s cash flow, assets, and overall financial outlook is for the future. Business appraisers commonly intervene when shareholders are arguing whether an investment offer is fair.
- Economists
As the title implies, economists focus on economic issues and trends on a global level. They study business patterns as a whole instead of focusing on one company and create forecasts based on wages, inflation, and supply and demand. Economists are common witnesses in disputes that may be affected by the overall economy, such as employment law or cases that deal with imports and exports or stocks.
- Forensic Accountants
Forensic accountants are the people who do deep dives into every part of a company’s finances during the course of an investigation. They are trained not to believe what they hear and instead to prove or disprove anything they learn about a company’s or person’s finances. From the type of business a company is to its revenues and everything in between, a forensic accountant looks at it all. Other common examples include inventory reports, market conditions, and any extenuating circumstances that may have affected how the company operated.
If you aren’t sure where to start with finding an expert witness, don’t worry. A financial consulting firm that provides expert witness services can take a look at your situation and help you determine who will best be able to meet your needs.
