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Accountants' Handbook, Volume Two, Special Industries and Special Topics, 12th Edition by Lynford Graham, D. R. Carmichael

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Chapter 43

Financial Expert Witness Challenges and Exclusions: Results and Trends in Federal and State Cases since Kumho Tire

We wish to thank Sharon Freeman, Na Dawson, and Aijun Besio for research assistance. The information contained in this chapter does not represent the views of either PricewaterhouseCoopers, LLP, or Analysis Group, Inc.

Lawrence F. Ranallo, CPA

PricewaterhouseCoopers LLP

Keith R. Ugone, PhD

Analysis Group, Inc.

43.1 Introduction

43.2 Methodology and Overview of Observations and Conclusions

43.3 Expert Witness Challenges and Exclusions: 2000–2002

43.4 Reasons Financial Experts Were Excluded: Relevance, Reliability, and Qualifications

43.5 Exclusion of Plaintiff Financial Experts

43.6 Types of Financial Experts Excluded

43.7 June 30, 2003 Update: Observations

43.8 Summary and Conclusions

43.9 Final Comments Relevant to the Certified Public Accountant Designation

43.1 Introduction

Complex business disputes often require complex financial expert witness testimony. Depending on the nature of the case or the cause of action, financial expert witness testimony could cover a very broad range of accounting, financial, and economic topics. These topics might include historically based analyses, such as the insolvency date of a business or the past profitability of a business. Alternatively, the financial expert witness might testify regarding certain counterfactuals, such as the profitability of a business in the absence of an alleged wrongful act. Finally, a financial ...

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