Accountants to be monitored for professional negligence?

Published on 25 May 2010 under category: legal

The main accountancy watchdogs need to improve public confidence in non-regulated accountancy services, claims a new industry review.

Accountancy firms need to be monitored more closely to see whether they are meeting customer care standards, according to experts.

The Professional Oversight Board this week published a review of the monitoring of non-regulated accountancy services by the UK professional accountancy watchdogs.

It was found that there needs to be more done to improve public confidence, potentially reducing complaints about professional negligence.

On the study, the chair of the oversight board Dame Barbara Mills said: "Given the importance that users place on the competence of the UK professional accountancy bodies it is imperative that the professional bodies respond to the issues we have raised and publish information on how they have done so.

"In particular it is vital that publicly available information on the monitoring arrangements accurately reflects the work undertaken by the professional body and is of a high standard."

Firms that have collapsed because of professional negligence could benefit from the findings of the review, which call for a tougher code of ethics.

If you require advice on Professional Negligence please call us on +44 (0)20 7831 0101 and ask for Peter Mellett.