A forensic accountant is a valuable connection to have in your arsenal.
However, why is it essential for your firm to have access to forensic accounting?
You want a trusted professional who delves deep into the inner-financial workings of a business and gathers impartial unbiased evidence. A forensic accountant can help to uncover the truth and quantify the impact of any unusual transactions or suspect agreements. Additionally, a forensic accountant can help to bring clarity in the event of business disputes so management can focus on the key issues.
During an economic downturn, market disruption, financial strain and uncertainty often correlate with an increase in opportunistic fraud and legal disputes. Even as the pandemic ends, the stresses of handling COVID-19 fallouts will continue to impact personal and business relationships and we anticipate a continued increase in disputes and, potentially, fraudulent activity.
Businesses faced with COVID-related difficulties may find themselves in need of a forensic accountant for assistance in investigating fraud and resolving shareholder or partner disputes. Fraud investigations typically require quantification of the financial impact on the victim in order to progress a claim, and that is where forensic accountants are typically well-placed to assist.
The additional stresses of COVID-19 on business relationships could result in a break in partnerships or between shareholders: valuations will be a necessary step for business owners finding themselves in such situations. Business interruption claims arising from COVID-19 may also benefit from the utilisation of forensic accountant to help quantify loss of profits.
A forensic accountant is also instrumental during marital disputes, particularly in valuing the family business, assessing the efficiency of lump sum payments and advising on liquidity.
At Wilder Coe, our forensic accounting and litigation support team offer a practical, partner-led solution to problems. We have experience in acting as expert witness, single joint expert, party advisor and expert determiner across a wide range of requirements including valuations of business interests for civil and matrimonial disputes, investigation of fraud and theft for criminal as well as private proceedings, acting as expert determiner for contractual disputes.
Bee-Lean Chew heads up the team and has c 25 years’ experience in the SME corporate arena. Her practical approach combines commerciality and technical expertise to provide a pragmatic solution for her clients. The breadth and depth of Wilder Coe’s service offering allows us to address the vast majority of issues faced by SMEs, directors, partners and HNWIs requiring forensic accountant services.
How can Bee help your clients?
Bee is a practising accountant and registered auditor, continuing to maintain her professional audit and accounts portfolio alongside her expert witness work. She acts as forensic accountant and expert witness in civil, matrimonial and criminal matters. “I find that maintaining my portfolio of OMB clients keeps me up-to-date with current issues which then naturally feeds back into my forensic accounting and expert witness work,” explains Bee.
She has given expert oral evidence under cross-examination in Court and First-Tier Tax Tribunal and also provides forensic accountancy service in an advisory capacity.
“Ms Chew was very thorough, very smart … and also followed her instructions.” The Hon. Mr Justice Paul Matthews (Ashdown & Ors v Griffin & Ors, 2017)
Bee is happy to have an initial no-obligation discussion with ETL Global members to discuss any issues they or their clients may be facing.
Please get in touch to schedule an online or telephone consultation with Bee on a no obligation basis today at [email protected] or on 020 7724 6060.