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In today’s litigious environment, many cases revolve around the payment of damages or recovery of economic losses resulting from an event or course of action. The role of the forensic accountant in this area is to provide a quantification of the damages or loss in a manner that is clear, cohesive and complete and that can assist in legal proceedings.
Economic damages and loss quantification is often required for:
- Commercial disputes
- Royalty, licensing and copyright disputes
- Injury (including catastrophic) or accidental death
- Loss of self-employed earnings capacity
- Breach of contract
- Unfair dismissal
- Construction claims
- Destruction of property
- Lost revenue insurance claims
Typically, economic damages quantification may involve aspects of the following:
- Interview of relevant persons and the identification and assessment of relevant facts
- Identification of potential claims
- Derivation of ‘Heads of Damage’
- Assessment of data presented
- Sourcing of additional / corroborative data from other sources
- Analysis of all relevant data
- Preparation of clear, concise and easily understood report
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