{"id":4405,"date":"2017-01-12T10:17:46","date_gmt":"2017-01-12T15:17:46","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-finances\/accounting-malpractice-what-you-need-to-know.html"},"modified":"2024-06-06T03:52:27","modified_gmt":"2024-06-06T08:52:27","slug":"accounting-malpractice-what-you-need-to-know","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/accounting-malpractice-what-you-need-to-know.html","title":{"rendered":"Accounting Malpractice: What You Need to Know"},"content":{"rendered":"\n
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Accounting Malpractice: What You Need to Know<\/h1>\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Handling your own accounting can be an enormous source of stress. What if you were to make a mistake and find yourself overpaying on taxes or accused of wrongdoing? An accountant is meant to take the responsibility for tending to your affairs properly, allowing you to relax and direct your attention elsewhere, but accountant malpractice can land you in just the sort of quagmire you were hoping to avoid. The following article discusses accounting malpractice and what to do when your accountant fails to properly manage your accounts.<\/p>\n

GAAS and GAAP<\/h2>\n

Accountants are bound to abide by Generally Accepted Auditing Standards<\/a> (GAAS) and Generally Accepted Accounting Principles<\/a> (GAAP). Their application depends on the accountant’s activities on your behalf.<\/p>\n