Solicitor Trust Accounts
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 two registered company auditors. We have vast experience in the audit of Solicitors Trust Accounts and annually audit over 20.
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.
Contact us today to learn how we can help you with your individual audit needs.
what our clients say
We have been using the audit services of AMW to complete our annual AFSL obligations for the last 5 years and would highly recommend their service to all, they are well priced, both practical and reasonable in their approach to small AFSL holders, and efficient at turnaround times.
AMW have been our preferred audit firm for SMSFs and other audits for many years. When I started Aver Group in 2004 we were looking to build a relationship with a like-minded professional auditing firm that understood the needs of Accountants.
We have always been impressed by the team’s expertise and understanding of auditing issues. They have a personal, proactive approach and are always available either via telephone or email.
The Principal/Director, B J Thomas, is approachable and is commercially minded. He is very professional and always gives clear advice in a prompt and efficient manner. His work ethic and personality has certainly been passed onto his team members and we have a great business relationship with the whole firm.
In summary, AMW are an impressive team which delivers on their promises and are stand out performers in the Auditing sector
AMW came to us highly recommended and have conducted our last two audits of the college’s financials. They are highly professional and have developed a good understanding of schools and their processes. Their team are a pleasure to work with. I have no hesitation in recommending AMW to other schools for the purpose of conducting an audit and the preparation of financial statements.
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