Forensic Economist vs. Accountant

Either one can. NAFE lists damages in commercial litigation, and business valuation, among the matters forensic economics covers (National Association of Forensic Economics, n.d.), while the AICPA names damages calculations as one area of its Certified in Financial Forensics (CFF) credential and awards a separate business valuation credential, Accredited in Business Valuation (ABV) (American Institute of CPAs, n.d.). Which of the two fits a given claim turns on the records the loss rests on and on each candidate's prior work with that kind of loss.

It depends on what the claim puts at issue. A person's or a household's losses, such as earnings and benefits lost after an injury or a death, are damages in personal litigation, which NAFE places in forensic economics (National Association of Forensic Economics, n.d.); an accounting question in litigation or an investigation, such as financial statement misrepresentation or a bankruptcy, falls in the areas of the AICPA's CFF credential (American Institute of CPAs, n.d.). A claim that joins the two, as when an injury or a death takes an owner out of a business or a self-employed claimant's pay is mixed with the business's profit, may need both, and counsel then has each report state the part of the loss it measures, so that no part is counted twice.

Where forensic economics and forensic accounting overlap, yes: an economist can value a business, a matter NAFE lists for forensic economics (National Association of Forensic Economics, n.d.), and a forensic accountant can calculate damages, an area of the AICPA's CFF credential (American Institute of CPAs, n.d.). Beyond damages and business valuation, NAFE's list and the CFF credential's areas differ, though both name fraud detection (National Association of Forensic Economics, n.d.; American Institute of CPAs, n.d.), so counsel asks a candidate who would cover both parts of a claim for prior reports or testimony on each part.

One is the American Institute of CPAs' Certified in Financial Forensics (CFF), which requires AICPA membership in good standing, a valid and unrevoked CPA license or a qualified equivalent, a passing CFF examination and an attested minimum of business experience and continuing professional development (American Institute of CPAs, n.d.). For business valuation the AICPA awards Accredited in Business Valuation (ABV), which requires AICPA membership in good standing; for a CPA, a valid and unrevoked CPA license or a certificate issued by a legally constituted state authority, and for a finance professional, a bachelor's degree or its equivalent; a passing ABV exam or a qualifying valuation exam; minimum experience and education; and, for a finance professional, training on the AICPA Code of Professional Conduct (American Institute of CPAs, n.d.). The forensic economics article covers what to look for in an economist.