For most people, reputation is key in upholding a strong business. For some, though, reputation can actually make or break one’s entire livelihood. This is the case for accountants, who need to maintain standards to keep their license to practice. Thus, any allegations of wrongdoing could put the entire practice at risk.
When facing such allegations, what are the moves to make? How can an accountant ensure that their license remains intact and that the complaints are dealt with in the appropriate way?
Reasons for license loss
The Alaska State Legislature lists clearly all of the potential reasons that a person may risk losing their license. Accountants face disciplinary action for a number of potential reasons, including:
- Gross negligence
- Dishonesty
- Bribery
- Illicit financial activities
- Breaching client confidence
Some have harsher penalties than others. For example, convictions of crimes related to fraud or dishonesty may result in disciplinary action. Convictions of felony crimes will result in license suspension. An accountant can also lose their license if they obtained it through means of deceit or fraud.
Treating the exam seriously
An accountant may even face license jeopardy before receiving it, due to the strictness with which the exam gets treated. Someone taking their accountant exam cannot reproduce parts of the test, remove materials from the testing room without permission, pay another person to take the test in their stead, cheat or receive an advantage by getting information on the test before taking it.
When facing accusations that can put one’s accounting license in jeopardy, it is important to take the allegations seriously and contact legal help. This prevents errors from the offset, which can help the entire case move smoothly.