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When you encounter accounting malpractice, it can cause a significant waste of time and money. In an accounting malpractice lawsuit, the plaintiff prove the defendant’s negligence by proving a violation of a reasonable standard of care. This typically means that if the level of care in the same field of accounting is taken as a standard of care, the defendant must have acted below the standard. For example, if a personal tax accountant fails to timely file a client’s tax return (without getting an extension) he violated the standard of care through his carelessness. However, only a handful of accounting malpractice cases are that simple.
Accounting Malpractice is generally defined as failing to provide services that a reasonably well qualified accountant would have been expected to performed. This is commonly referred to as an accountant's duty to comply with the standard of care of a reasonably well qualified accountants practicing in the same field and community. Some common examples of matters that result in accounting negligence cases include:
- Improper tax returns
- Failure to provide correct tax advice
- Failure to provide accurate advice on corporate restructuring
- Poorly kept financial books
- Erroneous advice regarding accounting matters
- Embezzlement made possible by shady accounting practices
- Failure to follow reasonable standards of care in accounting
- Faulty audits
- Wrongful certification of financial statements
- Violations of federal and state securities laws by auditors
- Failure to detect fraud
- Deliberate misstatements on internal financial audits
It is essential that in an accounting malpractice lawsuit, the plaintiff prove the defendant’s negligence by proving a violation of a reasonable standard of care. This typically means that if the level of care in the same field of accounting is taken as a standard of care, the defendant must have acted below the standard. For example, if a personal tax accountant fails to timely file a client’s tax return (without getting an extension) he violated the standard of care through his carelessness.
Our experienced accounting malpractice lawyers know how to show that significant damages
can result from accountant errors where the client's losses can be far in excess of the amount
of legal fees and expenses necessary to bring the action.
Accounting is on the list of fields with high malpractice rates. If you believe your
accountant's efforts fell below the standard of care, and you were financially
injured as a result, please contact us immediately.
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