Hantzes & Associates Business & Employment Law

Contact Us Today: 703-378-5000

  • Home
  • About
  • Our Practice
    • For Employers
    • For Employees
    • Business Law
    • Commercial and Residential Real Estate Law
    • Malpractice Law
  • Blog
  • Contact
Hantzes & Associates Business & Employment Law

Call: 703-378-5000

  • Home
  • About
  • Our Practice
    • For Employers
    • For Employees
    • Business Law
    • Commercial and Residential Real Estate Law
    • Malpractice Law
  • Blog
  • Contact
Are you a victim of accounting malpractice?

Are you a victim of accounting malpractice?

On Behalf of Hantzes & Associates | Oct 28, 2021 | Uncategorized |

Accountants, like most professionals, are held to strict professional standards when providing services to their clients. If an accountant does not abide by these professional standards, they may be the subject of a malpractice suit for their negligence or errors.

The professional standards in the accounting industry are set by a set of rules known as the Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board. The American Institute of Certified Public Accountants (AICPA) also has its code of professional conduct, while individual states may have professional accountancy standards based on these provisions.

Types of accounting malpractices

Accounting malpractice stems from an accountant’s failure to discharge their duties competently or when they act in their own self-interest. Usually, the client bears the financial losses associated with such misconduct at the end of it all. 

Some common accounting malpractices include giving incorrect tax advice, overbilling, fraud, embezzlement, manipulating financial statements, among others. In short, malpractice entails accountants breaching the trust that clients have entrusted them in dealing with their finances.

Accountants owe their clients a duty of care

Regardless of the professional accounting standards applied, accountants owe clients a duty of care. It means that they must:

  • Maintain confidentiality
  • Avoid conflicts of interests
  • Not mislead or misrepresent material facts
  • Discharge their duties with competence
  • Meet licensing requirements
  • Abide by state and federal rules and regulations

Should you be a victim of accounting malpractice, it is prudent to proceed carefully. This is because of the complexities that may arise in your pursuit of justice since things may not be so straightforward.

Protect your interests by learning more about what the law says regarding this type of professional malpractice. 

  • Facebook
  • Twitter
  • Google+

Recent Posts

  • How to spot a disadvantageous severance agreement
  • How to avoid wage and hour claims
  • You do not have to put up with sexual harassment at the office
  • 2 ways for employers to combat racial discrimination at work
  • 3 points to remember about partnership disputes

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020

Categories

  • Business Law
  • Business Litigation
  • Employment Law – Workers
  • Firm News
  • Uncategorized
  • Wage and Hour Disputes
  • Workplace discrimination

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network

Contact Us Now

Get the answers you need for moving forward

Hantzes & Associates Business & Employment Law

Office Location

10513 Judicial Dr.
#100
Fairfax, VA 22030

Phone: 703-378-5000

Fax: 703-448-4434

Fairfax Law Office Map
  • Follow
  • Follow
Review Us

© 2023 Hantzes & Associates • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters