No business is an island, to adapt the old adage – every company, regardless of its size or the sector it operates in, needs help and assistance from another, whether that comes in the form of services, a supply chain or advice.
This means that every business places its trust and its hopes of success in another firm’s ability to do their job. And should something go wrong, the consequences can be severe, with a business losing money, customers and its reputation – Frenkels Forensics has seen this on many occasions and that is why professional negligence cases exist to ensure the damages of one business’ wrongdoings on another are reversed.
To look at a recent example, professional services firm Grant Thornton has been hit with a £49 million negligence claim from Manchester Building Society over advice and audit services it provided on “the implementation and application of hedge accounting” following a 2013 bailout after an interest rate swap backfired.
This a relatively typical case where one firm has offered financial advice or services to another which has had the unintended effect of losing the client money. The forensic accounting experts at Frenkels Forensics deal with exactly this – the company has been instructed on many cases of professional negligence including losses arising from poor investment advice or other professional advice; by using its expertise and experience, Frenkels Forensics is able to help to bring a clear understanding of the commercial, legal and financial issues at stake.
Moreover, by producing a clear report into the financial ramifications resulting from the acts of professional negligence, Frenkels Forensics can help establish just how much ought to be repaid. This includes calculating the money lost as well as the wide range of knock-on effects, such as losing out on trade, customers and the potential damage to a business’ reputation and brand.
For expert help with a professional negligence case contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.