CAN I SUE MY ACCOUNTANT?

In the case of an Accountant, if he has made a mistake and you have suffered a loss as a result, you may well be able to sue. A large number of functions performed by Accountants are prescribed by Statute. In assessing a Claim you may have, you may well have to have regard for statutory regulations. This might include the Companies Act(s). The duties of the Accountant will primarily depend upon the Contract between him and you. It is important to define the nature and the extent of the task. The Accountant should have put in writing to you the nature of the instructions and what work that he was agreeing to do. There is an implied duty of confidentiality, regardless of what the Contract specifically says, and any breach of that duty resulting in loss may well be actionable. Wrong tax advice is a prolific area for claims and understandably so. The Accountant certainly owes a duty of care to you. He also owes a fiduciary duty towards you i.e. A duty of the utmost trust.

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