How Forensic Accounting Services have helped.
Determination of Loss in Value of Farm Produce as a Result of Excess Dust
Crop values Deteriorated as a Consequence of excess dust.
This project calculated and justified a loss in profits value. It was based on crop deterioration over several years, and compared previous sales/quality with more recent sales of poorer quality produce. The drop in quality arose because of dust from nearby civil works.
Mediation was possible using my report as a basis for sensible and meaningful discussion
The advantage of an independent expert’s report that was independent and objective, meant that mediation was possible and logical based on my lack of bias.
Although loss of profits is often emotive, an independent expert goes to the actual profit that can realistically be justified as loss, ignoring what was planned but not achieved, and focussing on what could be learned from historical data and using third party market data.
Family Law Settlement
Forensic Accounting Summary Explanation Provided of Spending Habits
One partner in a family law dispute controlled all of the family finances and had made certain claims. This provided an unfair advantage to that partners as the other partner did not have an in depth understanding of their affairs. Over 100 pages of evidence was summarised, characterised and used to provide the basis of explaining to the other partner their combined situation and where the funds had been spent.
Settled out of Court
No challenge to the summary was made and an antagonistic beginning ended up with discussions of settlement and eventual compromise. This was a low cost solution.
Avoidance of Stress
Because both sides could readily understand the impact of transactions and the simplicity of the eventual summary made available, each had equal financial understanding of their situation and reached settlement much more quickly.
Significant amounts of time, stress, and fees were therefore avoided, leaving more for the settlement pool of funds. Both sides were able to get on with their lives sooner.
Loss of Earnings
Client was unable to resume work in chosen profession
After an accident, client who had studied extensively, and subsequently set up in business, was unable to perform the chosen profession. The task was to complete a loss of earnings calculation that would be intensively scrutinised.
By assessing what was normal in this industry, I was able to prepare a justified case estimating loss of earnings.
The report was unchallenged and used as a basis for final settlement. It was prepared in the same way as if it was to be presented in Court which was not required in this instance.