Being a financial expert witness is not an easy job and requires a combination of experience, skills, commitment, and education. It takes years of learning and working as well to reach the top level finally. Most financial expert witnesses have extensive knowledge of accounting, finance, criminal investigations, and business. Some have added advantage than others by specializing in other fields like forensic accounting and fraud among others. Also, like with any other job the more prolonged the experience, the better the expert. How do you know that a financial expert witness is eligible and one you can count on? Here are some requirements of a financial expert witness;
Knowledge in accounting and forensic accounting
Every financial expert witness requires accounting knowledge to keep all the finances of their specialty in check. It is the best way to monitor every transaction that involves money. Having in-depth knowledge in forensic accounting enables a financial expert witness to put pieces together and be able to detect any illegal actions as well as cases of money laundering if any. Usually, skills come into play as well as experience in going through business transactions to see if there is anything that happened apart from the norm.
A high level of confidence
Confidence is very crucial since there’s no room for second-guessing and a simple error could lead to the downfall of a vast organization. Some other times the witness may be asked to speak in front of a jury or a judge about some finances, and if you not confident enough, s/he may end up losing the argument. The expert witness should be exercise control and ensure people have faith in his/her words and information.
Criminal investigation knowledge
One of the most crucial requirements of an expert witness is an investigation of financial backgrounds. There are also, a wide range of job opportunities and you are never sure which one may come knocking. You may want to work with law enforcement agencies in cracking a few cases here and there. Of course, it’s a tough task and requires criminal investigation knowledge otherwise it might be challenging to work anything through. Go for an expert who can do this too.
Financial expert witnesses go through a lot of numbers in books and computer screens that they need to have in their fingertips all through. You need to understand what a slight inconsistency could mean to a company or what income change could lead to. All these are crucial details as they are the main components that affect bank accounts which are essential to any company. A deeper understanding enables a financial expert witness to have comprehensive knowledge of many things especially the numbers.
Being a certified financial expert witness is not an easy job and requires a lot of devotion as well as experience to remain at the very top level. You do not just go out there and pick the first witness you meet for the job. Check for these qualities first. Remember that you will be dealing with finances and your business is at stake here. There’s no room for error because it could determine the future of a company or business. That’s why these requirements are quite essential.