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Oklahoma STANDARD OF CARE OF ACCOUNTANT -- NEGLIGENCE

Category:
Jury Instructions - Official - Civil - Professional Liability
State:
Oklahoma
Control #:
OK-JURY-14-17-CV
Format:
Word
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STANDARD OF CARE OF ACCOUNTANT -- NEGLIGENCE

The Oklahoma Standard of Care of Accountant—Negligence is a legal standard that holds accountants in the state of Oklahoma to a high level of care when providing professional services. This standard applies to any situation where an accountant has been retained to provide professional services, including auditing, accounting, taxation, financial planning, or other related services. In order for an accountant to be found negligent, the plaintiff must prove that the accountant failed to meet the standard of care that a reasonable and prudent accountant would have exercised in the same or similar circumstances. The Oklahoma Standard of Care of Accountant—Negligence includes the following: 1. Accounting Professionals must exercise due care when providing professional services. 2. Accounting Professionals must be familiar with the applicable accounting principles and practices. 3. Accounting Professionals must take the necessary steps to ensure that their services are performed in accordance with applicable professional standards. 4. Accounting Professionals must take the necessary steps to ensure that their services are performed in accordance with applicable legal requirements. 5. Accounting Professionals must take the necessary steps to ensure that their services are performed in accordance with accepted industry standards. 6. Accounting Professionals must take the necessary steps to ensure that their services are performed in a timely and accurate manner. 7. Accounting Professionals must take the necessary steps to ensure that their services are performed in accordance with the instructions of the client. 8. Accounting Professionals must take the necessary steps to ensure that their services are performed with due care and diligence. 9. Accounting Professionals must take the necessary steps to ensure that their services are performed with reasonable skill and care. 10. Accounting Professionals must take the necessary steps to ensure that their services are conducted in a manner that is consistent with the client’s best interest.

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FAQ

If an accountant fails to exercise care and competence in performing and reporting on his auditing, accounting, tax, or management service engagements?he commits ordinary negligence. And he may be held liable for the damages resulting to his client.

When the accountant fails to use his skill, education, and care as others would in similar circumstances, he can be found negligent. The attorney must show that the damage suffered by the plaintiff was a direct result of the accountant's breach and be able to show the relationship between the two.

Accountants are liable for any misstatements that occurred while auditing and preparing financial documents for a client. Because accountants are held responsible for any inaccuracies and as a result can face legal charges or monetary losses, they often take out professional liability insurance.

First, the third party must prove that the auditor had a duty to exercise due care. Second, the third party must prove that the auditor breached that duty knowingly. Third, the third party must prove that the auditor's breach was the direct reason for the loss.

In order to establish negligence, you must be able to prove four ?elements?: a duty, a breach of that duty, causation and damages.

If a person entitled to bring an action other than for the recovery of real property, except for a penalty or forfeiture, be, at the time the cause of action accrued, under any legal disability, every such person shall be entitled to bring such action within one (1) year after such disability shall be removed, except

Dictionary of Accounting Terms: negligence. negligence. accountant's failure to conduct an audit with "due care." Ordinary negligenceapplies to judgment errors resulting from a lack of experience, training, or oversight: it is unintentional.

If an accountant assumes the legal liabilities of an accountant but fails to abide by the rules of the profession and their client suffers financial losses, this failure may provide a basis for a negligence claim. Many cases may be the result of negligence independent of these standards.

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AICPA, the SEC and the courts. The outcome of a professional negligence lawsuit hinges on whether the court believes you met your business's duty of care.Effective December 15, 2014. A complete nonauthoritative guide, Drafting Guide—Drafting Guidelines for Integrating the Conceptual Framework. General StandardsAccounting Principles. Responsibilities to Clients. Suits brought up to that point in the entire history of the profession. Conduct which is an extreme departure from the standards of ordinary care. The fees for a complete financial statement examination. Accounting Malpractice: Does My Accountant Have a Duty of Care?

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