If you’re new to the world of forensic accounting (also called investigative accounting), this video will give you an idea of the types of cases a forensic accountant might work on. There is quite a variety in the work, but most of it has something to do with fraud or litigation.
After completing a lifestyle analysis for a divorce case, a written report is often requested. In the below video, Tracy describes the information she puts in her written reports, which often includes things like background information, documents utilized, important estimates, and methodology used.
Income tax returns are an important piece of financial information in a divorce or child support case. There is so much information that can be obtained from the tax returns, and if we have several years of data, we can make comparisons from year-to-year. In the video below, Tracy talks about the financial data she analyzes on the income tax returns and what these items may tell us about the financial situation of the family.
A forensic accountant may be needed in a case alleging securities fraud. In the video below, Tracy discusses some of the particular issues that the accountant may evaluate and how to find the right expert for your case.
When the Internal Revenue Services suspects that a taxpayer has unreported income, the agents can use one of several methods to uncover that income. These methods can also be used to help calculate hidden income in a divorce or child support case. One such method used to determine unreported income is the bank deposits method, in which the forensic accountant analyzes bank deposits. In the video below, Tracy explains how this is done.
Expert witnesses are required to use reliable principles and methods in forming their expert opinions per the Federal Rules of Evidence. In this video, Tracy Coenen talks about Rule 702 how it applies to damage calculations done by expert witnesses.
Financial expert witnesses are the key to helping judges understand complex financial issues. It is imperative that the judge understand accounting and finance scenarios if you are to succeed in court. Tracy Coenen and Miles Mason discuss how your expert witness can help judges understand.
Tracy Coenen discusses the early stages of a financial investigation related to a divorce. When couples are divorcing, it is not unusual for a business to appear to decline. Tracy talks about the types of things she looks at to determine whether there is evidence of hidden income or other manipulation of the finances.
If a court case doesn’t settle, the trial is obviously the most important part of the case. As an expert witness, you want to think about the possibility of trial throughout your work.
When the IRS believes a taxpayer has unreported income, they will use alternative methods to attempt to determine the true income. One of those methods is the Expenditures Method. Tracy Coenen explains the basic methodology in this video. Note that this method of calculating income can be used in a variety of cases that involve allegations of hidden income including divorce, money laundering, and income tax fraud.