Accountants specializing in forensic and valuation services (FVS) have launched an effort to demonstrate how their work reduces the cost and enhances the fairness of civil legal actions. A body of the American Institute of Certified Public Accountants represents the interests of accountants deploying knowledge from their courses for CPA licensing as FVS experts. The AICPA Forensic and Valuation Services Executive Committee has issued a report pointing out how utilization of FVS specialists causes fast and economical civil litigation results.
Accountants offering FVS deliver a perspective on civil cases that is often missing. By applying distinctive insight derived from CPA review material and experience, FVS accountants commonly aid fair resolutions to legal disputes. The FVS Executive Committee report entitled “Another Voice: Financial Experts on Reducing Client Costs in Civil Litigation” encompasses five major recommendations to judges, attorneys, and financial experts as well as individuals engaged in civil litigation.
The parties to civil procedures frequently retain FVS accountants as consultants. These experts are also common testifying witnesses. The report is aimed at enhancing communication between experts of all types and lawsuit parties by reducing costly pretrial inefficiencies. Some jurisdictions even have special rules governing expert witnesses. A goal of the committee is educating individuals involved in civil legal matters about the benefits of experts, especially those who possess a foundation of skills from study for CPA exam completion
Among the committee’s proposals is for judges to implement early and consistent active case management by averting procedures that lengthen preparation time and increase litigation costs. Also advised is the inclusion of experts early in the legal process. This leads to streamlined identification of relevant financial issues when FVS accountants follow CPA review course methods to deliver substantive information.
Further suggested is the utilization of experts each time during a case that challenges are brought to fact collection. Collaborative arrangements are even intended to immediately drive cooperation between competing experts on opposite sides of cases.
The FVS Executive Committee hopes that implementation of its report recommendations will improve the civil litigation process. They are a starting point for dialog among all types of expert witnesses. Expanding opportunities for experts is expected to reduce litigation costs by creating faster dispute resolutions. Abounding opportunities for achieving this exist for accountants who develop FVS abilities on the foundation of CPA preparation courses. With further education and outreach, the FVS Executive Committee anticipates a more reliable civil justice system in the future with lower overall cost and greater efficiency.
IRS Circular 230 Disclosure
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.