An integrated approach incorporating experienced professionals who are knowledgeable in the world of accounting, legal support, loss recovery and business operations is key to recovering assets and legal disputes.
From business interruption claims to alternative dispute resolution, employee fraud to due diligence examinations, an integrated approach incorporating experienced professionals is key to recovering assets and legal disputes.
When faced with myriad challenges in preparing a case, it may become necessary to address tax and accounting issues. From sorting through cumbersome data to analyzing significant financial and tax ramifications, litigation and forensic accounting support from an experienced professional can help you organize, qualify and quantify pertinent information essential to the service attorneys provide to their clients.
The efforts before trial often are as important as during the trial itself. Attorneys need experienced professionals who can prepare and review reports, assist in the discovery process and help prepare questions for deposition and trial – and then clearly communicate the findings. Our team has to the experience to:
- Assist with examination for discovery, including formulating questions to ask regarding financial evidence.
- Attend the examination for discovery to review the testimony, assist with understanding the financial issues and formulate additional questions.
- Review the opposing expert’s damages report and advise on both the strengths and weaknesses of the positions taken.
- Assist with settlement discussions and negotiations.
- Attend trial to hear testimony of opposing experts and to assist with cross examination.
The key to accurately evaluating a loss claim is the ability to obtain complete financial information regarding the claimant/insured’s occupation or business. The mutual goals of the insured and the insurer are to mitigate loss, return to normal operations as quickly as possible and resolve the claim in a reasonable period of time. All this should be done while maintaining positive professional relationships with all who are involved.
Whether it’s damage calculations or determination of economic losses from business interruptions related to water, flood, wind, fire, hurricanes, tornadoes or any other kind of natural catastrophe, accurately projecting the profits that would have been earned but for a particular insured event requires an understanding of both the insured’s financial reporting and managing of its affairs before and after the loss.
The Ericksen Krentel team’s experience reviewing many claims involving a variety of industries affords us the skills and depth of knowledge to provide you with a realistic and effective valuation of a business interruption claim. That includes helping to obtain documents to support or refute a claim, reviewing the relevant documentation to form an initial assessment of the case and identify areas of loss.
The demand for business valuation services has increased tremendously in recent years, especially from owners of family businesses concerned with estate and gift tax issues and succession planning, individuals who need guidance on buying or selling a business, or parties involved in divorce settlements.
Numbers, facts, figures, balance sheets and statements simply are not adequate alone to accurately measure the true fair market value of an asset. Accredited members of the National Association of Certified Valuation Analysts (NACVA) are the most qualified professionals available to assist you with your valuation needs. Those situations include:
- Buying or selling a business
- Using gifts as a tax strategy in your estate plan
- Liquidating a business
- Setting up a buy-sell agreement
- Seeking business financing
- Strategic planning
- Seeking a fairness opinion
Our CPAs who are accredited as Certified Valuation Analysts (CVA) can provide full and comprehensive renderings of value, consultations regarding an assessment of value, or a quick and economical preliminary estimate of value, as applicable. They can select the most appropriate methodology, supported by various types of analysis and implementing many different approaches, to deliver a comprehensive analysis and valuation.
In divorce cases, attorneys commonly turn to consultants to provide forensic accounting services. These services assist in identifying missing assets, transfer of funds, underreporting of sales and incomes, and search for dissipation of marital assets.
Separation and divorce is never an easy situation, as it brings emotional distress as both parties try to minimize the impact to their family and children. All matrimonial actions start with a common goal – to identify the total “marital estate.” As forensic accountants, the Ericksen Krentel team, which also can provide expert testimony, often is retained to help attorneys and their clients analyze these complex financial issues, including:
- Analyzing personal and business tax returns
- Reviewing bank statements and brokerage accounts
- Assisting in client interviews and depositions
- Tracing assets to determine or refute separate property claims
- Searching for assets that may have been diverted or dissipated in anticipation of divorce
Your knowledge source for achieving your business and personal financial goals.