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Spotlight On...
ACCOUNTING FORENSIC
SPOTLIGHT ON... Tom Aslin, Kingston Smith LLP
“The field of forensic accounting is a fascinating area, covering as it does a wide range of issues and cases. In broad terms we may become involved in any court case or quasi-judicial dispute where there is an accountancy related element.”
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om Aslin, a partner in the Forensic Accounting Services department of Kingston Smith, has specialised in forensic accounting since qualifying as
a chartered accountant in 2002. Tom is a Fellow of the ICAEW, a member of the Academy of Experts, the Expert Witness Institute and the Compulsory Purchase Association.
Kingston Smith LLP is a top 20 accountancy practice, based in London and the South-East of England.
What more can you tell us about your Forensic Accounting services?
The field of forensic accounting is a fascinating area, covering as it does a wide range of issues and cases. In broad terms we may become involved in any court case or quasi-judicial dispute where there is an accountancy related element.
We may be instructed by individuals, companies, solicitors or surveyors, and typical cases include loss of profit claims, contractual disputes, compulsory purchase matters, professional negligence actions against auditors and accountants, and personal injury/fatal accident claims.
We’re increasingly being instructed to investigate suspected fraudulent activity within businesses,
and to quantify the amount of any funds which may have been misappropriated.
Q What are the main aspects of a case?
The main aspects of a case vary from assignment to assignment. Typically, though, our cases involve two or more parties who are already in dispute, where our role is to provide an expert opinion on the accountancy issues. Usually this will involve reviewing financial and other information to prepare calculations and/or a view on the parties’ respective financial positions. These calculations and opinions are then set out in a written report, which in cases where litigation is in progress forms our written evidence to the court, and as such may then be tested through cross examination in the witness stand.
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Can you illustrate the forensic accounting process by sharing a case you have been involved in?
Case 1 – Director’s conduct I was instructed on behalf of the Claimants in a dispute where it was alleged that the Defendant, a director of the company in question, had claimed unauthorised and irregular expenses resulting in significant losses being suffered by the company. My work involved a detailed examination of the company records available, substantive testing of the expenses paid to the defendant, examination of the financial statements, and an analysis of
loans and other liabilities, in order to evaluate the losses suffered by the company. I also assessed the value of the company and the diminution in its value which arose as a consequence of the defendant’s conduct.
Case 2 – Business interruption I was instructed by insurers of the Claimant company in connection with a business interruption claim. This claim was the result of a serious fire that destroyed one of the machines on which the business activity of the company was heavily reliant. Work involved reviewing and considering the Claimant’s accounts for the period before and after the fire and the loss adjustor’s assessment of loss of profit, as well as providing the insurer with my own assessment of the Claimant’s loss of profits.
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Is there anything else you would like to add?
Should you feel that a forensic accountant may be needed, we are always happy to review some initial information and have a free one hour meeting to discuss any possible case you may have.
Contact Tom Aslin
Tel: 020 7566 3725 Email: TAslin@ks.co.uk Web: www.kingstonsmith.co.uk