* Forensic Accountants Report – quantifies financial loss to date and loss calculations for ongoing/future loss
* Actuarial Report – sets out capital values to be applied in order to compute ongoing/future loss.
* Applies actuarial factors determined by – age – normal life expectancy – age of retirement – projected inflation etc.
Fraud/White Collar Crime
Fraud/White Collar Crime is defined as “wrongful or criminal deception intended to result in financial or personal gain”. Forensic Accountants are actively involved in The investigation of theft/fraud/white collar crime, including the following:-
* Cyber Fraud
* Abuse of Position of Trust
* Asset Misappropriation
* Employee Fraud
* Money Laundering & Movement of Funds
* Mortgage Fraud
* Business Trading
Forensic Accountant Report re Professional Negligence
Typical Forensic Accounting Reports on Professional Negligence include the following:-
* Company buying own shares
* Failure to Comply with Tax Legislation / Incorrect claims for Tax Exemption
* Failure to detect fraud
* Legal Title Issues on Lands / Property / Special Conditions on Contracts
* Licensing Issues
* Increased Number of Claims – Re Medical Negligence
Forensic Accountant Report re Financial Loss arising from Breach of Contract
* Breach/ Termination of Agreements / Franchises / Distribution Contracts / Faulty Products
* Breach/ Termination of Employment Contracts, Loss of Rights relating to Share Options / Perks (Labour Court Rulings)
* Restriction of Trade
* Customer refuses to take goods/services
* Claims seeking to set aside contracts in order to avoid loss arising from changed circumstances
Mediation Act 2017
Forensic accountant’s produced reports and attend Mediation meetings in efforts to resolve commercial disputes before Court hearings and play an active role at the Mediation meetings.
* Solicitors and barristers are required under the Mediation Act 2017 to offer mediation before court proceedings begin
* Parties obliged to confirm to the court that they have been advised about mediation option and have considered it
* Judge could invite parties to consider mediation even after proceedings have commenced
* Aim of the Legislation is to reduce pressure on the courts and legal costs for parties
