A question for the accountants
Discussion
Could any members of the PH collective who are accountants advise whether accountants are required by their governing body to carry professional indemnity insurance? I discovered last night that our accountant made a mistake in a tax valuation last year following the sale of a family business that is going to cost us several 100's of 1,000's of pounds in additional tax to be paid. He has admitted verbally to having made a mistake, and I do not have all of the details yet, but we are now pondering various scenarios, none of them good 
Eric Mc said:
Short answer - YES.
Any practising accountant qualified with any of the recognised professional bodies (ACAEW, ACAS, ACAI, ACCA etc) MUST have Professional Indemnity Insurance.
If not, he/she is breaching the Institute regulationas and will have their Practising Certificate revoked.
Many thanks
M
You could make a complaint to his/her professional body - whichever one it is. Whether you are eligible for any sort of financial redress would probably depend on what financial decisions you made on the assumption you were due tax refunds. At the least you might be able to claim for interest or the cost of borrowings (if any) to fund any unexpected tax payments.
However, probably the best thing is to put it down to experience and look elsewhere for your accounting services.
>> Edited by Eric Mc on Sunday 30th January 11:08
However, probably the best thing is to put it down to experience and look elsewhere for your accounting services.
>> Edited by Eric Mc on Sunday 30th January 11:08
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