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More about claiming against an accountant
Each accountant negligence case has to be judged on its own facts. The usual professional negligence test applies in any negligence claim against your accountant. They can be found to have been negligent by a court and therefore liable to pay you compensation if it can be shown that they failed to exercise the skill and care that might be expected of a reasonably competent accountant.
Assessing whether an accountant breached the duty of care they owe to you can be done by looking at accounting standards set by the profession’s governing bodies. The Financial Reporting Council assumed responsibility for setting and monitoring accounting standards in 2012, superseding the Accounting Standards Board (ASB) which had previously developed and monitored professional standards in the UK.
The courts will take these accounting standards into consideration when looking at an accountant negligence claim. Like any other professional negligence claim, you not only have to establish legal liability but also causation. In other words, prove (on the balance of probabilities) that it was your accountant’s negligent service or advice which directly resulted in your financial loss.