- Role Forensic Accountants International Arbitration
The Role of Forensic Accountants in International Arbitration
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maio 14, 2024
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This article first appeared in Accountancy Age on 18 April 2024. The entire article is available at https://www.accountancyage.com/2024/04/18/the-role-of-forensic-accountants-in-international-arbitration/
In this article, the evolving role of forensic accountants in arbitration, particularly in commercial cases, is thoroughly examined. Traditionally dominated by lawyers, arbitration now sees forensic accountants collaborating closely with legal teams to delve into financial intricacies and quantify losses. Emphasizing independence, technical expertise, and clear communication, the article underscores the crucial role these professionals play in uncovering financial irregularities and providing objective opinions. Their contribution ensures informed decision-making and fair outcomes in arbitration proceedings, highlighting the significant value they bring to the resolution of disputes.
For a century now, lawyers have played the pivotal role in arbitrations conducted under the auspices of the International Court of Arbitration of the International Chamber of Commerce (“ICC Court”) . However, the landscape has evolved over the past years, with the emergence of forensic accountants over the last 25 years working with legal teams as expert witnesses, sometimes investigating financial details to pinpoint irregularities and wrongdoing, and often helping to calculate the quantum of losses.
Their contribution can be critical to an arbitration process reaching a just conclusion. Parties in international arbitration routinely engage forensic accountants to untangle financial intricacies and provide crucial insights for the decision-makers, adding significant value.
James Nicholson is the former President of the Standing Committee of the ICC’s International Centre for Alternative Dispute Resolution (“ADR”). Yaoguo Lun and Zhang Zhang work for FTI Consulting Singapore.
Reprinted with permission from Accountancy Age. © 2024 Accountancy Age.
Published
maio 14, 2024
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