Accountability is a legal responsibility that one person owes to another and must fulfil. It may involve taking action or refraining from certain actions. Various types of accountability exist, including contractual accountability, the duty to act, and fiduciary accountability. Additionally, accountability can also pertain to taxes or fees imposed on goods or transactions.
When a person inherits an estate from a deceased individual, they may be required to pay an account duty to the government. This account duty is a type of tax that is imposed on the beneficiary of the estate. For example, when John’s father passed away, John inherited his father’s estate and had to pay the account duty as part of the inheritance process. The amount of this tax is determined by the value of the estate being inherited and is payable by the beneficiary.
Accountants have a duty to exercise reasonable care and skill in performing their professional services.
Yes, an accountant can be held liable for errors or omissions in financial statements if they fail to exercise the required level of care and skill.
If you suspect your accountant has committed fraud, you should report it to the appropriate authorities and seek legal advice.
Accountants have a duty to keep client information confidential, unless required by law to disclose it.
The statute of limitations for suing an accountant for professional negligence varies by state, but is typically between 2-6 years.
Yes, an accountant can be held liable for providing incorrect tax advice if it results in financial harm to the client.
Fiduciary duty refers to the obligation to act in the best interest of the client, while duty of care refers to the obligation to exercise reasonable care and skill in providing professional services.
Accountants can be held liable for failing to detect fraud or embezzlement if they did not perform their duties with the required level of care and skill.
If you believe your accountant has breached their duty of care, you should seek legal advice to determine your options for recourse.
Yes, an accountant can be held liable for providing inaccurate financial forecasts if they did not exercise the required level of care and skill in preparing them.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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