Accounting Malpractice

SEEKING FAIR RESTITUTION FOR VICTIMS OF PROFESSIONAL NEGLIGENCE

Like all professionals, accountants are held to certain standards of care. When they fail to uphold these standards, resulting in financial injury and other harm, they can be held legally responsible. Accountants who engage inprofessional negligence can be made to pay for victims’ resulting damages, including economic losses, actual damages, attorney fees, and court costs.

If you were harmed as a result of accounting malpractice, turn to the team at Potts Law Firm. Our accounting malpractice attorneys represent individual and business clients who have suffered significant losses due to accounting errors, negligence, and misconduct. We understand the complex nature of these claims and have the resources needed to effectively advocate for you and your rights.

Contact us online or by phone at (888) 420-1299 to request a complimentary consultation and case review with a member of our team.

WHAT IS ACCOUNTING MALPRACTICE?

Accountants are professionals who provide a wide range of financial advice and services, including auditing, bookkeeping, and tax preparation. Financial accounting involves the preparation of various financial documents and statements used by businesses to demonstrate financial performance to outside interested parties, such as investors, customers, or creditors. Managerial accounting, on the other hand, entails internal financial analysis for both businesses and individuals for the purpose of financial planning.

Regardless of the type of accounting an accountant engages in, they must adhere to strict professional standards. Any deviation from these standards that results in injury, financial loss, or any other type of harm could constitute accounting malpractice.

To prove an accounting malpractice claim, you must typically prove each of the following elements:

Proving an accounting malpractice or negligence case nearly always requires the testimony of expert witnesses, along with considerable evidence supporting your claim. We strongly recommend that you work with a knowledgeable legal professional, like those at Potts Law Firm.

WHAT ARE THE “GENERALLY ACCEPTED ACCOUNTING PRINCIPLES?”

Financial accountants must adhere to what are known as “generally accepted accounting principles,” or GAAP. These principles are designed to promote fair and transparent reporting, as well as inter-industry consistency.

The Financial Accounting Standards Board (FASB) established the standards, procedures, and rules that make up GAAP, which are primarily used in the United States. Other jurisdictions typically follow the International Financial Reporting Standards (IFRS), which are more principle-based than the rules-based GAAP.

EXAMPLES OF ACCOUNTING MALPRACTICE

Accounting malpractice occurs any time an accountant or accounting agency fails to uphold applicable standards and rules, including GAAP.

Some specific examples of accounting malpractice include:

At Potts Law Firm, we assist clients who have been harmed by all types of accounting malpractice, including the examples listed above and others. Our legal team has extensive experience in this complex area of law and knows how to protect your rights while fighting for the fair recovery you are owed.

WHEN TO HIRE AN ACCOUNTING MALPRACTICE ATTORNEY

If you believe that you have been the victim of accounting malpractice or misconduct, you should seek the counsel of a skilled attorney right away. The sooner you involve a lawyer, the sooner they can begin protecting your rights and advocating for your best interests.

Our firm moves fast on these cases. We utilize our extensive access to industry experts to obtain expert testimony for our clients and provide critical evidence for their claims. We do not hesitate to seek justice on behalf of those who have suffered significant harm due to the negligent and wrongful conduct of trusted professionals. As your legal team, we are prepared to fight tirelessly for you.

Reach out to our team today to learn how we can help you with your accounting malpractice claim; call (888) 420-1299 or contact us online to get started.