Accounting Malpractice in Chicago, IL
Accounting Malpractice is generally defined as failing to provide services that a reasonably well qualified accountant would have been expected to performed. This is commonly referred to as an accountant’s duty to comply with the standard of care of a reasonably well qualified accountants practicing in the same field and community. Some common examples of matters that result in accounting negligence cases include:
- Improper tax returns
- Failure to provide correct tax advice
- Failure to provide accurate advice on financial aspects of corporate restructuring
- Poorly kept financial books
- Erroneous advice regarding accounting matters
- Embezzlement made possible by shady accounting practices
- Failure to follow reasonable standards of care in accounting
- Faulty audits
- Wrongful certification of financial statements
- Violations of federal and state securities laws by auditors
- Failure to detect fraud
- Deliberate misstatements on internal financial audits
The decision to pursue an accounting malpractice involves examining the scope of the services for which the accountant was retained. In addition, the involvement of the client or the client’s employees in providing the accountant with accurate information is an important consideration. Lastly, the responsibilities of the client or the client’s employees may be an important aspect of the ability to pursue recovery.
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