Best Accounting & Auditing Lawyers in Lafayette

About Accounting & Auditing Law in Lafayette, United States

This guide focuses on Lafayette, Louisiana. Accounting and auditing in Lafayette are shaped by a combination of federal requirements, Louisiana state law, and local compliance obligations. Individuals, businesses, nonprofits, and local governments rely on accountants for financial reporting, tax filings, internal controls, and audits. When legal questions arise, they often involve the accuracy of financial statements, compliance with standards, responsibilities of Certified Public Accountants, auditor independence, tax controversies, fraud investigations, public records and grant compliance for governmental entities, and professional discipline.

Accountants and auditors follow standards established by several bodies. Private company audits typically follow AICPA standards. Public company audits must comply with Public Company Accounting Oversight Board standards and Securities and Exchange Commission rules. Governmental and grant funded audits generally follow Government Auditing Standards and the federal Uniform Guidance. In Louisiana, CPAs are licensed and regulated by the Louisiana State Board of Certified Public Accountants. Local governments and certain public entities in the Lafayette area are overseen by the Louisiana Legislative Auditor for audit compliance.

Why You May Need a Lawyer

You may need a lawyer when financial reporting or audit issues create legal exposure, when a regulator initiates an investigation, or when you must protect your rights during disputes. Common situations include disputes with an auditor about a restatement or scope limitation, allegations of financial misstatements or internal control weaknesses, whistleblower claims or retaliation concerns, demands or subpoenas from the SEC, IRS, or Louisiana agencies, disciplinary complaints before the Louisiana State Board of CPAs, accounting malpractice claims or professional negligence defenses, contract disputes involving audit engagement letters or indemnity clauses, suspected fraud or embezzlement inside an organization, and government grant and single audit compliance questions.

Legal counsel helps assess risk, respond to regulators, preserve privilege and confidentiality, negotiate with auditors and counterparties, coordinate forensic accounting, and position you for settlement or litigation. A lawyer can also draft or revise internal policies, audit committee charters, and whistleblower procedures to improve compliance and reduce future risk.

Local Laws Overview

Louisiana Accountancy Act and CPA licensing. CPAs in Lafayette are licensed under Louisiana law, which governs firm permits, individual licenses, continuing professional education, peer review participation, and professional conduct. The Louisiana State Board of CPAs investigates complaints and can impose discipline such as reprimands, fines, or suspension.

Governmental audit requirements. The Louisiana Legislative Auditor administers the Louisiana Audit Law. Many local governments and public entities in and around Lafayette must obtain an annual audit, review, or compilation depending on revenue thresholds. These audits usually follow Government Auditing Standards and the Louisiana Governmental Audit Guide and cover compliance with state laws and, when applicable, federal program requirements under the Uniform Guidance single audit framework.

Standards and recordkeeping. Public company auditors must follow PCAOB standards and retain audit workpapers for at least seven years under Sarbanes Oxley. AICPA standards guide private company audits and attest services. Government audits use the Yellow Book. Organizations should maintain tax and accounting records for at least the period required by applicable laws, which can vary by record type and regulator.

Sales and use tax compliance. Sales and use tax in Louisiana is administered by the state and by local collectors. In the Lafayette area, a local collector administers parish and municipal sales and use tax. Businesses must register as required, file accurate returns, respond to audits, and manage exemption certificates and resale documentation.

Occupational licensing and local business compliance. Most businesses operating in Lafayette require an occupational license and may have additional local obligations such as business registration and remittance of local taxes. Confirm current requirements with the appropriate Lafayette Consolidated Government offices and local tax collector.

Professional liability time limits. Louisiana law imposes short deadlines for filing claims against certain licensed professionals. For claims involving accountants, there are often one year discovery periods with outside peremptive limits that can bar claims after a fixed number of years. Because timing is critical, consult a lawyer promptly to evaluate any potential claim or defense.

Whistleblower and retaliation protections. Federal laws such as Sarbanes Oxley and Dodd Frank protect certain whistleblowers in accounting and securities contexts. Louisiana law also prohibits retaliation against employees who in good faith report violations of state law to their employer or to public bodies. The scope and procedure for protection depend on the facts and the forum, so legal advice is recommended before making or responding to a report.

Confidentiality and privilege. Louisiana imposes confidentiality obligations on CPAs. However, accountant client confidentiality is limited and contains exceptions. Privilege rules can differ in federal and state proceedings. To protect sensitive communications, many entities coordinate communications through legal counsel and may use arrangements that support attorney client privilege.

Frequently Asked Questions

What is the difference between a CPA and an auditor?

A CPA is a licensed accountant who can provide a range of services including tax, consulting, and attest services. An auditor is a CPA or firm engaged to perform an audit, which is an attest service that provides reasonable assurance that financial statements are free of material misstatement. Not all CPAs perform audits, but all audit opinions must be issued by licensed CPAs or registered firms as required by law.

Do I need a lawyer or a CPA for my issue?

Hire a CPA for tax preparation, bookkeeping, compiling or reviewing statements, and routine accounting. Hire a lawyer when there is a dispute, a regulatory inquiry, a fraud allegation, a potential malpractice claim, a whistleblower situation, a contract issue with an auditor, or when you need to preserve privilege. In many matters you will benefit from both working together.

How do I file a complaint against a CPA in Lafayette?

Complaints about a CPA or CPA firm are filed with the Louisiana State Board of Certified Public Accountants. Provide detailed facts, engagement documents, and copies of any reports or correspondence. If a complaint involves a governmental audit, you can also contact the Louisiana Legislative Auditor regarding audit law compliance concerns.

What should I do if my company receives an IRS or state tax audit notice?

Do not ignore the notice. Calendar all deadlines, gather requested records, and consult a tax professional or lawyer immediately. Avoid providing unnecessary information or original documents without copies. Consider executing a power of attorney so a representative can communicate with the auditor on your behalf.

Can we change auditors in the middle of an engagement?

Yes, but you must consider engagement letter terms, professional standards, required disclosures to lenders or regulators, and the need for successor auditor communications. Public companies must report auditor changes to the SEC. Consult counsel to manage risk and ensure proper documentation.

What is a single audit and when is it required?

A single audit is a specialized compliance and financial audit required under federal Uniform Guidance when a non federal entity expends a specified threshold amount of federal awards during a fiscal year. Many Louisiana local governments and nonprofits in the Lafayette area undergo single audits when they meet the threshold.

How long should I keep accounting records?

Retention depends on record type and applicable rules. Tax returns and supporting documents are often kept at least three to seven years. Public company audit workpapers must be kept at least seven years. Government grant records may have longer retention tied to grant terms. When litigation or an investigation is reasonably anticipated, issue a litigation hold and preserve relevant records.

What are the risks of destroying financial records?

Improper destruction can lead to civil penalties, criminal exposure, adverse inferences in litigation, and professional discipline. Federal law prohibits knowingly destroying records with intent to impede a federal investigation. Follow a documented retention policy and suspend destruction when a legal hold is in place.

How are local sales and use taxes handled in Lafayette?

In addition to Louisiana Department of Revenue filings, businesses in the Lafayette area report and remit parish and municipal sales and use taxes to the authorized local collector. Registration, rates, exemptions, and audit procedures are set by the local collector and applicable ordinances. Confirm current requirements before making sales or purchases subject to tax.

What are my options if I am accused of embezzlement or accounting fraud?

Immediately consult a lawyer experienced in white collar and financial investigations. Do not discuss the matter with coworkers or investigators without counsel present. Preserve relevant records, do not delete or alter data, and avoid self help access to systems. Your lawyer can coordinate forensic accounting, communicate with law enforcement, and protect your rights.

Additional Resources

Louisiana State Board of Certified Public Accountants.

Louisiana Legislative Auditor.

Louisiana Department of Revenue.

Lafayette Consolidated Government business and occupational licensing offices.

Lafayette area local sales and use tax collector.

Internal Revenue Service.

Securities and Exchange Commission.

Public Company Accounting Oversight Board.

American Institute of Certified Public Accountants.

Society of Louisiana Certified Public Accountants.

Next Steps

Clarify your objective and timeline. Write down what you need help with, key dates, and any deadlines or notice periods. Early clarity helps your advisors act quickly and accurately.

Preserve documents and data. Issue a hold on routine document destruction and back up emails, financial records, audit workpapers, board minutes, policies, contracts, and communications with auditors or regulators.

Gather core materials. Engagement letters, financial statements, management representation letters, auditor communications, tax returns and notices, grant agreements, internal policies, and any complaint or subpoena are usually essential.

Avoid informal statements. Do not make speculative admissions or accusations. Route inquiries through counsel, especially if regulators or law enforcement are involved.

Engage qualified professionals. Retain a Lafayette or Louisiana licensed attorney with accounting and auditing experience. Your lawyer can assemble the right team, which may include a CPA, a forensic accountant, and an e discovery vendor.

Define scope and fees in writing. Request an engagement letter that outlines scope, billing method, confidentiality, and any conflicts. Ask about alternative fee structures when appropriate.

Plan for compliance improvements. Use the matter to strengthen controls, governance, and training. Update policies for document retention, whistleblower reporting, audit committee oversight, and vendor management.

Monitor deadlines and milestones. Maintain a calendar for responses to regulators, courts, auditors, and tax authorities. Confirm filings and submissions are complete and timely.

This guide provides general information about accounting and auditing issues in Lafayette, Louisiana. It is not legal advice. For advice about your situation, consult a licensed Louisiana attorney.