Mistakes in the workplace are unavoidable. Even the most diligent of employees or managers can make a miscalculation or misjudgement; it is the very nature of human error.
Of course the scope of these errors can vary, with some proving to be extremely detrimental to a business or individual – this usually comes in the form of receiving either poor or incorrect financial and professional advice. When professional negligence cases such as this do occur, forensic accounting can play an important role in reversing the financial consequences.
We have instructed on many cases of professional negligence. One recent example was a client who had been advised by their IFA to take out a high-risk foreign currency mortgage, just before the global recession struck. Needless to say, this advice was poor; the client wanted a low-risk investment while the market conditions were, clearly, suggesting this was not going to end well – indeed, the result was that the client lost large sums of money. However with our help, he recently won large damages pay-out from IFA as a result of the negligent advice given.
This kind of incident is not uncommon. There are many other occasions in which quantum issues arise from negligent advice from other professionals including solicitors and accountants. Quite often these surround poor tax advice because issues have not been detected during audits that should have been flagged up. Again there are serious financial ramifications incurred by the individual or business as a result of their trusted (and qualified) advisers.
Examples like these might not be malicious, but they are damaging all the same. By establishing where the blame lies and then calculating exactly how much money was lost, the forensic accounting experts at Frenkels Forensics can help overcome the cost of professional negligence.
By channelling our experience and expertise into court reports, Frenkels Forensics’ accounting services can be the difference between smoothly finding a successful and a more complicated process of head scratching, finger pointing and inexact associated costs.
For expert help with a professional negligence case contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.