The Expert's Report

The form of the Expert’s Report sets out clear and specific guidelines to ‘any witness preparing a report in a proceeding’, with the purpose of providing an opinion about accounting evidence (Federal Court of Australia, 2013). 

It is of importance that these guidelines are set out so that the report differentiates between the facts and opinions, with all the assumptions stated clearly, in order to meet the minimum standards of professional competence in Court (Expert opinion, 2006). To support this, paragraphs 2.1 (e) and (f) in the Expert’s Report states that to be compliant, witnesses must ‘set out separately from the factual findings or assumptions each of the expert’s opinions/opinions is based’ (Federal Court of Australia, 2013). Furthermore, APES215 also highlights the significance of clearly distinguishing the facts, opinions and assumptions based on the requirements in paragraphs 5.6(f) – (l) (Accounting Professional and Ethical Standards Board, 2013).

It is crucial that I absorb the guidelines in the Expert’s Report, as I hope to become a Forensic Accountant in the near future. Acknowledging the differences between facts, assumptions and opinions is essential so that if, and when, I do prepare an Expert’s Report for an investigation, I am able to meet the professional standards of what the Court expects from me. From this, I am able to gain a basic outline of the expertise and now look forward in becoming a Forensic Accountant.

Day in the life of a Forensic Accountant

Important not to confuse Forensic Accounting with Auditing!!

References:

Accounting Professional and Ethical Standards Board. (2013). APES 215 Forensic Accounting Services [Supersedes APES 215 Forensic Accounting Services issued in December 2008]. Retrieved from http://www.apesb.org.au/download.php?code=680

Expert opinion. (2006). Accountancy Age, 15. Retrieved from http://search.proquest.com.ezp01.library.qut.edu.au/docview/217859118?pq-origsite=summon

Federal Court of Australia. (2013). Practice Note CM 7: Expert witnesses in proceedings in the federal court of Australia. Retrieved from Federal Court of Australia website http://www.fedcourt.gov.au/law-and-practice/practice-documents/practice-notes/cm7