Accounting Malpractice

Accounting Malpractice

Accounting malpractice happens when your accountant or your tax preparer commits an act that causes financial harm to you. To understand whether accounting malpractice has taken place, you must speak with an attorney who can advise you on the facts in your case. An accounting malpractice attorney knows about the general accounting standards that would apply in your case.

Accounting Malpractice Definition

There are two common types of Accounting Malpractice:

Accountants must follow certain accounting rules outlined in the Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS). If an accountant fails to follow these rules he may be guilty of malpractice

Securities: Accountants who handle sales of securities must follow all federal and state regulations, including The Racketeer Influenced and Corrupt Organizations Act (RICO) and The Securities Acts of 1933 and 1934. If an accountant fails to obey these laws he may be guilty of malpractice.

Frequently Asked Questions

  1. What is Accounting Malpractice?
  2. How long can I wait before I sue for Accounting Malpractice?
  3. Where should the suit be filed?
  4. How do I find a good Malpractice attorney?
  5. What will I need to prove my claim?
  6. What is “Fiduciary Duty?”

Accounting Reference Articles

Malpractice: Tax/Accounting Style
http://www.bus.lsu.edu/accounting/faculty/lcrumbley/malpract.htm

Accounting Malpractice
http://ezinearticles.com/?Accounting-Malpractice&id=410199

Ernst & Young Settles Lehman Investor Suit for $99 Mln
http://www.bloomberg.com/news/2013-11-28/ernst-young-settles-lehman-investor-suit-for-99-mln.html

Reporting Accounting Malpractice: An Ethical Dilemna
http://www.accountingcrossing.com/article/400207/Reporting-Accounting-Malpractice-An-Ethical-Dilemma/

Links & Resources

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