Consulting Expert Services
Lotus Amity provide Consulting Expert Services* including:
- acting as an expert in an Expert Determination
- assisting in mediation
- acting as an adviser
- assisting in arbitration
- participating in a professional tribunal
The typical Consulting Expert Services Lotus Amity provide are business valuation, loss quantification and interpretation of financial information. These services are based on our specialised knowledge derived from training, study and experience.
Examples of engagements requiring Consulting Expert Services include:
- acting as a neutral party to mediate between two accounting experts and their opinions; as a mediator Lotus Amity assists the parties to identify issues between the two experts, consider options and negotiate solutions
- acting as a “shadow” expert to provide confidential advice on another accounting expert’s opinion
- determining the amount of damages based on evidence obtained to date with no required to provide evidence
Sometimes during a Consulting Expert Services engagement, it may become necessary to provide Expert Witness Services. In this situation, providing independence and objectivity has been maintained, the terms of engagement are redetermined.
Lotus Amity are appointed as the independent expert to decide an issue between parties. Lotus Amity act as an independent impartial party. Matters appropriate to Expert Determination include transaction and shareholder disputes.
Expert Determination provides an informal and potentially cost effective and speedy way of resolving a dispute, particularly where it relates to valuation and loss quantification.
Expert Determination is not governed by legislation, however, the Resolution Institute provides rules for Expert Determination. The parties can agree if they are to be bound by the decision.
The instructing parties must decide whether Lotus Amity are to follow certain procedures and set out clearly the agreed requirements. It is important that the parties are clear on determining factors such as the valuation date, standard of value, valuation method, subject to be valued.
Lotus Amity may convene a Preliminary Conference with the parties, at which the issues in dispute and the procedure to clarify those issues are agreed. Other matters to consider include what information is to be provided, the timing and the form and content of submissions.
Mediation provides a process whereby a dispute can be potentially resolved more quickly, at a lower cost and in a confidential businesslike manner.
Lotus Amity can assist in the mediation process, both preparing for the mediation and attending the mediation. Lotus Amity can interpret key financial issues, assist in communicating financial issues and reaching a satisfactory outcome.
Matters we typically get engaged in include quantifying damages, interpreting financial information and business valuation. Other advice may include preparing a summary of complex transactions, providing a summary of flows of funds and opinions on the appropriate treatment of transactions.
We bring to the mediation processimpartiality, investigation and analytical skills, the flexibility to adapt to changing arguments and the ability to perform complex calculationsand to present findings in a succinct manner.
*According to the Accounting Professional & Ethical Standard 215 Forensic Accounting Services, Consulting Expert Services refers to a professional services provided other than an Expert Witness Services, Lay Witness Services or Investigation Services.