Accounting malpractice occurs when good accounting principles are violated by error, omission, or deviation which results in a financial loss for a client. Accountants are obligated to use proper accounting procedures when preparing financial documents for tax returns, business transactions, and financial reports. Further, accountants must be aware of tax laws and current practices which have the most positive financial outcomes from clients. A violation of these expectations means that you can work with a New York accounting malpractice attorney to hold them accountable.
If a deviation from professional accounting standards has occurred, contact us today online or by telephone at (888) 260-0473to speak with an experienced New York professional negligence law firm.
What is accounting malpractice?
Accountants must listen to the client's desired financial goals and act in their best interests. Failing in this duty could cost clients substantial amounts of money. Examples of accountant errors, mismanagement, and advice may be one or more of the following:
- Breach of fiduciary duty
- Code of Conduct violations for Certified Public Accountants
- Improper financial disclosures, including worth of a business
- Failure to detect misuse, misappropriation or embezzlement of funds
- Failure to advise of the need for an audit or business evaluation
- Accounting errors leading to tax penalties, losses
- Detecting billing fraud
- Deviations resulting in incorrect reports to shareholders
- Manipulating reports
accountant negligence damage recovery
Generally, successful malpractice claims award plaintiffs with full compensation for the money they lost due to negligence. They may also be entitled to extra recovery for gains they could have made if they had not lost their money to begin with. Due to the complexity of these cases, it is highly recommended that you consult with an experienced New York accountant malpractice attorney that can help determine the full restitution you are owed.