“In many cases, they really are on the frontline and identify potential issues or problems with their own client files,” he said.

Mr Naughton said situations arise where someone has received poor professional advice which leads to losses and they are embarrassed about it or they don’t even know they’ve lost the money.

“Often the accountant is the first person to look through that person’s financial records to really pick up that there’s really been an error or an issue or a potentially negligent act that’s occurred in respect to their client,” he said.

He stressed the importance of accountants continuing to report these instances of poor professional conduct and ensuring their clients get the best advice on the rights they have in these situations.