Professional Negligence by Accountants
Businesses and individuals rely on accountants in a variety of different matters, from preparing company accounts and carrying out audits to providing tax advice or valuing a company’s assets. Accountants are frequently only instructed in relation to complex matters, and their fees can be high. If the accountant’s work falls below the standard of care expected, then this can result in you incurring a significant loss.
Most accountants in England and Wales are regulated by one of two professional bodies. Certified Accountants are regulated by the Association of Certified Chartered Accountants (ACCA) and Chartered Accountants are regulated by the Institute of Chartered Accountants in England and Wales (ICAEW). Both of these bodies have formal complaints procedures designed to help people who feel they have been badly advised by their accountants to make a complaint. These complaints procedures are designed to deal with most minor accountant negligence issues you might run into if you are dealing with an accountant. If you don’t feel that these complaints procedures have dealt with your accountant negligence issue, then it might be time to consider suing an accountant for professional negligence.
How do I know if my account has been negligent?
Examples of situations where an accountant has been negligent include:
- missing a deadline for filing accounts or annual returns, which may result in you incurring a penalty or a company being struck off Companies House;
- providing incorrect tax or financial planning advice resulting in the overpayment of tax or the loss of investment;
- negligently valuing a company’s assets;
- carrying out a negligent audit of a company;
- failing to prepare important accounting documents;
- failing to follow instructions; or
- failing to detect fraud.
If you have suffered a loss as a result of the negligence of your accountant then contact us. Our lawyers can advise you on whether you have a claim and we will help you to recover any losses you may have.
Expert Evidence
Claims against accountants can often involve complex technical points of accountancy practice. It is therefore common for a report to be obtained from an independent expert. The expert will normally be another accountant who is qualified to comment on the actions of the negligent accountant. Experts are also frequently used to assit in calculating the financial losses that have arisen as a result of the accountant’s negligence.
No win – No fee
We routinely undertake negligent cases on a no win – no fee basis, subject to the losses exceeding the small claims court limit of £10,000 and the merits of the case being sufficiently strong. We are always happy to review cases and let you know whether it is a matter we can deal with on a no win – no fee basis.
So, if you have a claim valued at more than £10,000, please don’t be deterred from getting in contact. Just use our short online form or call us and we’ll be happy to hear about your situation with no obligation on your part. One of our specialist solicitors will call you back promptly for an initial free consultation where we can begin to advise you on whether you have a case and what happens next.
