If you are a practicing solicitor, you more than likely will hold a trust account. Trust accounts are maintained to handle trust money on behalf of your clients. In line with current state-based legislation this will require you to have your trust account externally examined at least on an annual basis.

How we can help

We have a number of approved external examiners who can facilitate your annual external examination in accordance with the applicable state-based legislation, all while meeting statutory timeframes. We have an external examination team who keeps up to date with changes in legislation and assesses the implications for our clients.

In addition to issuing the compliance-based external examiner report, we will review your trust accounting systems and current trust accounting practices to also provide recommendations for improvement to your business.

Important dates

• Reporting period: 1 April to 31 March

• Lodgement deadline: By 31 May

Associated laws and regulations

Proposed Fee

The proposed examination fee is based on the volume of transactions for each of your trust accounts maintained. We will manage a seamless transition from your previous external examiner without charge. Please contact RSM for a detailed fee quotation.

 RSM is the sixth largest accounting network in the world offering a full range of audit, tax and consulting services. The Australian firm was founded in 1922 and we are uniquely placed in the Australian accounting profession as a national partnership with over 180 Partners and Principals and over 1,500 staff operating from 32 offices throughout the country.

Our Audit practice has 

• Internationally recognised risk-based audit methodology

• Extensive trust accounting systems and controls expertise

• Considerable audit and advisory capability

For more information about Solicitor Trust Accounts Compliance Audit

For more information, contact your local RSM office >