Behold, accountant set fire to yard area (8)
I believe the answer is:
locality
'area' is the definition.
(locality is a kind of area)
'behold accountant set fire to yard' is the wordplay.
'behold' becomes 'lo' (archaic exclamation meaning 'look!').
'accountant' becomes 'CA' (abbreviation for chartered accountant).
'set fire' becomes 'lit' (as in lighting a fire).
'to yard' becomes 'y' (abbreviation).
'lo'+'ca'+'lit'+'y'='LOCALITY'
(Other definitions for locality that I've seen before include "Position; area" , "Neighbourhood or site of something" , "Surrounding region" , "Area, neighbourhood" .)