Your Professional Negligence Claim And Forensic Accountants

Has you accountant produced some work for you that is sub-standard and as a result you have suffered losses? If so, then you are a victim of professional negligence.

You are convinced that things haven't been done properly however you still need to check that the four main elements exist in your claim before you approach a specialist lawyer:

- Will you be able to show that your accountant had a duty of care? Normally the accountant/client relationship is enough establish this.

- Are you sure and can you prove that the accountant has breached that duty of care? In basic terms professional negligence occurs when an accountant acts in such a manner which goes against what a competent accountant would do.

- Can you show a substantial loss or anticipated loss?

- Is your loss a direct result of the accountant's professional negligence?

Once you have your evidence of accountant negligence, you have to appeal to the Chartered Accountants - Certified Accountants or those who are members of ICA (Institute of Chartered Accountants) - ACCA (Association of Certified Chartered Accountants). Accountant negligence is a matter that doesn't normally follow the straight way to Court. Alternatively, the claim is first sent to one of these professional bodies.

This is when a professional neligence claim lawyer can help you out. They will normally be able to suggest using a forensic accountant who will investigate your case and make sure you are prepared from the start. David Malamed, forensic accountant in Toronto, Ontario describes his job very accurately: "While forensic accountants (FAs) usually do not provide opinions, the work performed and reports issued will often provide answers to the how, where, what, why and who."

In addition to their duties, forensic accountants are trained to look for alternative ways to solve the problems for professional negligence before sending the case to Court. They can assist during the stages of the claim and try different methods for reconciliation like settlement negotiation. A good first step is to talk with a specialised solicitor about your claim and what process is likely to ensue once you begin.

If you do find yourself needing to make a professional negligence claim because of the sub-standard service you have received from your accountant then you need to get help from an experienced lawyer who is probably a member of the Professional Neligence Lawyers Association. It is probable that they will have lots of experience in this area and will get you a specialist forensic accountant.

About the Author

Tim Bishop is senior partner at Bonallack & Bishop, a firm of professional negligence claim solicitors specialising in advising upon accountant negligence claims. He is responsible for all major strategic decisions, seeing himself as a businessman who owns a law firm. Tim has expanded the firm by 1000% in 12 years and has plans for its continued development.

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