A forensic accountant is an invaluable addition to a legal team. The work undertaken by a forensic accountant enables solicitors, clients and the Court to understand the figures at the heart of a dispute and calculate quantum accordingly.
At Frenkels Forensics, our forensic accountants are all leaders in their fields. We are regularly instructed by many of the country’s leading law firms and barristers’ chambers, as well as insurance companies, public bodies and private businesses to assist on a wide variety of legal and financial matters. We provide a comprehensive forensic accountancy service, ranging from letters of advice to full CPR-compliant Reports, striving always to add real value to our clients’ cases.
The Role Of A Forensic Accountant In The UK
The role of a forensic accountant in the UK is wide and varied, as is the skill set a successful forensic accountant requires to effectively carry out their duties.
The work of a forensic accountant is concerned with the financial aspects of a given matter. In the context of personal injury litigation, for example, a forensic accountant will be tasked with calculating the damages due to the Claimant, which can often include complex calculations relating to pension losses and variables in future earnings. In proceeds of crime matters, a forensic accountant might be asked to analyse the sums claimed by the Crown Prosecution Service and ascertain whether any might be attributable to legitimate sources as opposed to criminal activity. When a forensic accountant is called upon by a party to a divorce, their work will usually be focussed on calculating the value of assets such as a business or pension pots, to ensure their client receives a fair divorce settlement.
Examples of the types of cases with which our forensic accountants regularly assist include the following:
- • Personal injury
• Crime and fraud
• Business valuations
• Mis-sold Hedging Products
The level of involvement a forensic accountant has in any given matter is case-specific. Sometimes, the Court directs that full CPR-compliant reports be prepared, and forensic accountants attend trial to give evidence as expert witnesses. Other times, the Court may not consider a full CPR-compliant report necessary, but a party may nevertheless require the input of a forensic accountant to understand the extent of their entitlement to, or liability for, damages. In these cases, a forensic accountant might prepare a letter of advice or desktop report, which their client can use as the basis for their quantum claim. A forensic accountant’s calculations can also prove invaluable in the context of settlement discussions and alternative dispute resolution methods such as mediation.
Examples of the types of services our forensic accountants regularly provide include the following:
- • Preparing CPR Compliant Reports
• Preparing White Label Schedules
• Preparing Desktop Reports
• Acting as Expert Witnesses
• Calculating the proceeds of crime
• In-house training for law firms and barristers’ chambers
UK forensic accountants require a unique skill set. In addition to their accountancy expertise, a forensic accountant in the UK needs to possess a thorough understanding of the relevant law and legal procedure, think creatively and have an investigative mindset.
At Frenkels Forensics, we pride ourselves on keeping abreast of technical advances and we constantly adapt our services to ensure our clients receive optimum value for money. For example, our forensic accountants developed the industry-standard ‘Frenkels Calculator’ which has proved invaluable in the area of personal injury claims, enabling us to prepare complex calculations swiftly and accurately, thereby keeping our clients’ costs to a minimum. We use cutting-edge technology to gather and analyse vast sums of electronic data, often unlocking data that had gone unnoticed prior to our involvement, and that has a significant impact on the outcome of the case.
Working With Our UK Forensic Accountants
Frenkels Forensics is a leading UK forensic accountants’ firm, with offices in London, Brighton, Bristol, Lichfield and Manchester. Our forensic accountants’ sole purpose is to support you in proving the quantum element of your client’s claim, or disputing the damages sought by the other side. Our reports are comprehensive, concise and accessible, and will clearly explain to the Court the basis on which our conclusions have been reached. Our forensic accountants frequently act as expert witnesses and attend Court to give their evidence under cross examination. We are well-versed in the relevant provisions of the Civil Procedure Rules and the duties of expert witnesses and present our evidence clearly and robustly.
We take the time to understand our clients’ concerns and carefully consider how we might use our technical expertise to help them achieve their desired outcomes as cost-effectively as possible. We understand that a forensic accountant’s input can often be required urgently, and we are adept at working under tight time constraints. We offer a no-obligation fee estimate at the beginning of every matter and will ensure you are kept up to date on costs throughout.
“Your report was a herculean task and put us in an incredibly strong position. Thank you ever so much for the work and advice you have provided . The report was clear and accessible and will not hesitate to recommend you all.”
“I am indebted to you for your contribution, and for explaining things in plain English such that even lawyers can understand the issues”
“It was a pleasure working with you on what was a rather difficult case”