Accounting Malpractice

Accounting malpractice happens when the accountant or any accounting professional becomes negligent of his duties. Professional institutes establish a list of standard of care that must be met to protect others from the risks of harm and deceit and when these legally established standards of care are not met, it can sometimes be considered negligence.

When filing a complaint concerning accounting malpractice, the plaintiff must be able to show that the negligent defendant was not able to meet the level of care that is common or customary in the accounting profession. An example is when an accountant is not able to file a client's tax return on time.

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In an accounting malpractice case, the plaintiff must understand and establish four key elements. The plaintiff must:

Accounting Malpractice

.Show that the accounting professional being sued had a clear responsibility to him

2. Prove that the accounting professional failed in that responsibility

3. Show that he was injured

4. Establish that the accounting professional's failure was the primary cause of the injury (Answer the question "Was the failure of responsibility sufficiently enough for the injury to hold the accounting professional liable?")

To guide them in the course of carrying out their duties properly and to avoid being held responsible for any malpractice, accounting professionals should follow professional standards. These include the following:

1. The Public Interest. More than the title, CPA (Certified Public Accountants) should accept the responsibility and act in a way that is best for the public interest, respect the public trust, and show commitment to professionalism.

2. Due Care. CPAs should undoubtedly comply with the state law, including their profession's technical and ethical standards. They must demonstrate competence at all times, and aim to continuously improve the quality of their services, and discharge professional responsibility to the best of their abilities.

3. Objectivity. To maintain objectivity, CPAs should: (a) avoid performing professional services when there are actual or perceived conflicts of interest, and (b) be independent when making auditing or other accounting services.

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