Accountants are expected to maintain accurate financial records and uphold integrity. They're also required to follow a strict code of conduct to ensure that all the aspects of their job, including client confidentiality, privacy, and accuracy, are upheld. Unfortunately, some engage in malpractices which result in serious financial losses for their clients. If you're a victim of these types of malpractices, you can file a claim against the accountant with the assistance of a business lawyer. These professionals will help you navigate the legal process and develop a strong case against the liable parties. Here are four types of accounting malpractices they'll help you file a lawsuit against.
Inaccurate Record Keeping
When an accountant fails to keep accurate records of transactions, misplaces essential documents, or makes errors in calculations, your business may suffer from financial problems, and its management may be unable to make sound decisions. This can lead to huge losses and, in some cases, your company's collapse. If you discover that these acts of negligence have been taking place, contact a lawyer. They'll prove that the accountant was negligent in their record keeping and help you get compensated.
Sometimes, an accountant may bill a client for services never offered or inflated the cost of services provided. As a result, your company may overpay for services or be billed for services not received. The losses resulting from these fraudulent billing practices can affect your company and bring it to its knees. A lawyer can gather evidence to prove that there was fraudulent billing and help you recover any losses resulting from the actions.
In any business, it's vital for the appropriate parties to authorize transactions. However, this may not always be the case. An accountant may decide to make a transaction without the company's knowledge or approval, creating glaring financial gaps. The good news is that a lawyer can help you file a petition to get your money back. They know business law and what to do to help your company recover damages.
Doctoring financial statements, tax returns, or other documents is a serious matter that can damage your company's reputation. If investors use the wrong information to put money into your business and later discover the truth, they could sue your organization or ruin its image. Before it gets to this point, a lawyer can help you identify the liable party and hold them accountable. This way, you'll protect your company's reputation.
If you're a victim of accounting malpractice, you should contact a business lawyer immediately. They'll navigate the complex legal process on your behalf, fight to restore your company's good name, and hold the involved parties accountable. To learn more, contact a law office such as The Law Office of W. Randall Holcomb, PLLC.