Who is a FACT WITNESS(ES)?
Who is an EXPERT WITNESS?
What do you call the documents presented to the court by both parties to a case?
What do you call the report that will be presented to the court by an independent Accounting Firm called in as a witness to a case?
Have you ever been involved in a forensic audit or investigation? What if there is a case of fraud or irregularities in your organization and an audit or investigation have been commissioned. As an officer of the Organization, do you know you can be called upon to be a witness to the case? When there is a court case, the Accounts/Finance Department is usually the first to come under fire and also face possible suspensions and investigations. When called upon to be a witness, do you know that you can either be a Fact Witness or an Expert Witness? What is the differences?
1. WHO IS AN EXPERT WITNESS?
The Opinion expressed by an expert witness is supposed to assist the court to resolve or decide the case. An expert witness could be but not limited to any of the following persons or professionals:
1. Forensic Accountants
2. Financial Analyst
3. Architects
4. Medical Doctors
5. Engineers
There are so many job roles for experts in a court. An expert must be well knowledgeable in his or her field as great reliance will be placed on them.
2. WHO IS A FACT WITNESS?
A fact witness must always limited his or her testimony to the fact as it contains any form of evidence that they have been involved in or they actually witnessed or observed.
3. WHAT IS THE MAIN DIFFERENCE?
CASE STUDY:
Your organization just sued a bank for excess bank charges & loan interest. The Financial Controller and the Company's Financial Consultants have computed the excess bank charges and excess loan interest based on Bank Statements, Loan Statements and Loan Contracts (Agreements) available in the Company. They have presented these documents before the court and the Financial Controller has testified. On the other hand, the bank have also presented their documents and an officer of the bank also testified in court.
The Court, after listening to representations from both parties decides to hire an independent Accounting Firm to examine the documents presented by the Company and the Bank. The Accounting Firm is to submit their report to the court in one month.
QUESTION:
1. Who is (are) the FACT WITNESS(ES)?
2. Who is the EXPERT WITNESS?
3. What do you call the documents presented to the court?
4. What do you call the report that will be presented to the court by the independent Accounting Firm?
Drop your answers in the comment section.
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