ARTICLES | Sharing Valuable Insight

How Can Forensic Accountants assist in Determining Damages related to Hurricane Claims?

Forensic accountants use their skills to compile, organize, and analyze data to present information to insurance adjusters that assists them in understanding financial information and establishing fact patterns as it relates to adjusting insurance claims.

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Business Interruption: Attributing Value to Lost Income

Residents of the state of Florida are no strangers to disaster. From hurricanes to wildfires, unforeseen circumstances can lead to a substantial loss of income for a business. The process is simple enough; a disaster happens, an appraiser decides how much damage was done and how much income the business missed out on, and the business’ insurance company pays for the damage. But what happens when the appraiser and business owner do not agree on how much income was foregone? We will discuss this, as well as the process of a business interruption insurance claim below:

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What to Look For in a Forensic Accountant

The processes used to determine and prove financial damages or proper valuations are often very delicate and highly complicated.  Further, it often takes more than just an accountant to uncover inaccuracies or irregularities in financial data, interpret their impact, and then convince decision makers of such findings.  That is why it is critical to employ someone who is experienced in the handling of these matters prior to litigation at any level.

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Role of the Forensic Accountant in Divorce

The forensic accountant in divorce cases is charged with requesting, gathering, analyzing and evaluating financial data provided by the spouses and their attorneys and then communicating his or her findings.  Specifically, forensic accounting assignments may include the following:

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Divorce Forensics: The Search for Hidden Income

When going through a divorce, in is not uncommon for the parties to hire a valuation expert, often at the direction of their attorneys, to assist them with the process of dividing marital assets.  This is especially true when one or both of the individuals involved have business ownership interests.  As emotions can lead people to act “out of character”, doing things that they normally would not do, hidden income can become a major issue in these cases.  In many cases, if one of the spouses owns a business, the other spouse might accuse them of earning more money than the financial records indicate.

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