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professional liability

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L

Louie

Guest
In what circumstances can professional people such as accountants be held liable for negligent financial advice or information. What is the standard of care required expected of them?
 


I AM ALWAYS LIABLE

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Louie:
In what circumstances can professional people such as accountants be held liable for negligent financial advice or information. What is the standard of care required expected of them?<HR></BLOCKQUOTE>

My response:

Without a State name, it would be difficult to assist you. Laws are different everywhere.

IAAL

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O

oldcpa

Guest
First, you need to determine what professional credentials that the advisor has - this may effect your remedies.

If the advisor is a CPA, you can contact the state board of accountancy in your state to find out what the laws are in your state for licensing.

In general, you will have to prove that you relied on the advice that you were given and that you were damaged by relying on it. You will also have to prove that you gave accurate descriptions of your facts and circumstances -- and that no material changes occurred between the time you requested the advice and relied on the advice.

Do you have anything in writing regarding the advice? Did you follow ALL of the steps given by the advisor? What was the time interval between the advice and the event?

It is often difficult to prove a malpractice case unless you can substantiate what you told the advisor, what he told you and how following the advice damaged you.


My post is a general comment regarding your question. Since I am a CPA, I thought my comments might be of interest to you. Please consult an attorney to determine the appropriate legal action that you should take.

 

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