Accountants must comply with the regulations, guidance and bye-laws of their professional body; accounting and auditing standards; and company law, as well as the Fundamental Principles above. A breach of or departure from any of these renders an accountant liable to disciplinary action by their professional body.
There are certain types of complaint in which professional bodies cannot become involved. These usually include legal disputes between you and your accountant and complaints of negligence. However, you should contact the relevant body for advice if you are unsure whether a complaint is appropriate. Most practising accountants must hold Professional Indemnity Insurance which will protect their clients, in most circumstances, from loss caused by negligence. You may wish to consult a lawyer if you have suffered substantial loss.
The professional bodies do not usually involve themselves in fee disputes. A fee dispute may be resolved through the Small Claims Court. For larger amounts, ICAEW, ICAS and ICAI offer a Fee Arbitration Scheme. Please contact them for further details.
