Solicitor Trust Accounts

Audit Requirement

Under Section 237 of the Legal Profession Act 2008, a law practice must at least once in each financial year have its trust records externally examined by an external examiner appointed in accordance with the regulations.

Only an accountant who is a registered company auditor an employee or agent of the Board, may be appointed as an external examiner.

At AMW, we have three registered company auditors. We have vast experience in the audit of Solicitors Trust Accounts and annually audit over 20.

Audit Process

An audit would involve, among other compliance and verification testing, obtaining the monthly trust bank account reconciliations and testing the underlying information.  It also involves testing receipts and payments from the trust account to supporting documentation, authorisation by clients and engagement letters.

At the end of the audit, the External Examiner’s Report, the Declaration by the Law Practice regarding Trust Money, the Trust Money Statement with supporting documentation and the Law Practice Profile forms are submitted to the Legal Practice Board.

Billy-Joe Thomas
Billy-Joe Thomas
Billy-Joe has a Bachelor of Business degree, is a member of Chartered Accountants Australia and New Zealand and a Registered Company Auditor... Read More...
Martin Shone
Martin Shone
Martin is a member of Chartered Accountants Australia and New Zealand, a fellow of the Association of Chartered Certified Accountants and a ... Read More...
Michael St John
Michael St John
Michael has a Bachelor of Business degree, is a member of Chartered Accountants Australia and New Zealand and is currently in the process of... Read More...