Experts: Mitigating Uncertainty by Identifying Fears
A Series on Managing Uncertainty and Fear
The author has testified hundreds of times. Through these experiences, he has gained insight that is not written in the books, or at least not the ones he has been reading as a forensic and valuation professional. In this article, he shares additional insight on what is demanded by expert witnesses.
As of the date of this writing, I have testified hundreds of times. Through these experiences, I have gained insight that is not written in the books, or at least not the ones I have been reading as a forensic and valuation professional. Through these experiences, I learned a lot about our “craft”, but I have also learned a lot about myself. I learned that fear derives from uncertainty; and uncertainty can take our imagination into some alternate scenarios.
So, let’s take those fears head on and discuss them. Let’s discuss the uncertainties expert witnesses sitting in the proverbial “chair” deal with before, during, and after our assignment is over (because it is never done!).
“What did I miss!?!?” Every night. Yes, I mean every night before I provided testimony or finalized a report, I am “in my head” reviewing documents I have reviewed repeatedly in hopes that I did not miss anything. This rumination comes from my fear of having missed something. We will get to that later. The point is, these behaviors have some good and some bad tendencies associated with them. Let’s get to the heart of the issue and the “issue” is not your arithmetic.
What is Uncertainty?
“Uncertainty is the result of having limited knowledge about an occurrence or event, making it difficult to control, plan, or predict a future outcome, which can often be distressing. Most people are creatures of habit and prefer to have a plan or routine in place. When things deviate from our plans it can feel like losing control, contributing to increases in anxiety or stress.”[1] For finance or accounting professionals, we gravitated towards the profession because of the certainty of arithmetic or the underlying rules. However, attorneys are trained to illicit uncertainty. They do this with hypotheticals or the use of questions designed to place doubt into a trier of factor or the professional’s mind. Thus, it is only appropriate that we would respond with increased anxiety and fear!
That last sentence has taken me nearly 20 years to come to resolution with. Yep, I work in an environment that promulgates anxiety and fear. “I work in an environment that promulgates anxiety and fear.” I had gravitated towards accounting because of the certainty found in numbers and financial theories. This is the conundrum so many financial experts fall into. Individuals who are trained and educated in solving problems with precision are now put into an environment completely different from this and, most likely, their comfort zone. This has caused a decline in the number of available qualified professionals to do this work. Obviously, there are a plethora of options out of the courtroom for financial experts. However, the reward of doing sound work that abides by professional guidance and allows for restitution for your client is immense. The ability to walk into a court of law and display technical expertise while assisting your client is extremely rewarding.
That is the reason I am writing this. To let you know that anxiety and fear are normal and expected. The role we play is susceptible to anxiety and fear because of the situation we find ourselves in. In litigation, there are always two sides and, no matter what, you will find yourself as adverse to one party. Embrace the anxiety and fear. Let it drive you forward in your profession. Do not let it inhibit you; recognize that when you get the feeling of anxiety or fear, that is when you are working as the “man/woman in the arena”.[2]Â
Many of us that were drawn to litigation work were fascinated by working in the court system. This high-pressure backdrop can cause some professionals to become paralyzed by their anxiety and fear. I have been there! I still am! I have just recognized to be present and realize that no matter what, the other side and the process of litigation will increase anxiety and fear. To mitigate this, we as professionals need to recognize that the anxiety and fear is not self-induced, but rather a product of the situation. Our preparedness and attention to detail in response to these emotions will determine our resolve as a professional. Will you allow the anxiety and fear to overcome you, or will you continue to press forward?
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[1]https://caps.umich.edu/article/coping-uncertainty#:~:text=Uncertainty%20is%20the%20result%20of,plan%20or%20routine%20in%20place.
[2] Derived from Theodore Roosevelt quote, “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Joshua Shilts, CPA, ABV, CFF, CGMA, CFE, is president of Shilts CPA, PLLC. His practice is focused on assisting attorneys, individuals, and businesses with complex financial matters and disputes. He has held roles with international consulting and public accounting firms in Miami and New York City, as well as positions with large public organizations. Mr. Shilts is a frequent lecturer on a variety of forensic accounting matters. He has been involved with hundreds of forensic investigations dealing with a variety of matters involving personal and business disputes, as well as the identification and mitigation of fraudulent activities. Clients have sought Mr. Shilts’ advice and services because of his unique industry experience and knowledge. He has provided expert testimony in commercial and family matters surrounding business valuation, economic damages, fraud, and other applicable disciplines surrounding economic and accounting issues. He has been qualified as an expert and testified in State and Federal courts.
Mr. Shilts can be contacted at (844) 850-6166 ext. 101 or by e-mail to josh@shiltscpa.com.
