Solicitor Trust Accounts Compliance Audit

Business Insights

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.


We have a number of approved external examiners which 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 keep up to date with changes in legislation and assess the implications for our clients.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

New South Wales 

  • Legal Profession Uniform Law (NSW)
  • Legal Profession Uniform General Rules 2015

Victoria

  • Legal Profession Uniform General Rules 2015
  •  Legal Profession Uniform Law 2014 (Victoria)

Australian Capital Territory

  • The Legal Profession Act 2006
  • The Legal Professional Regulations 2007

Queensland

  • The Legal Profession Act 2007
  • The Legal Professional Regulations 2007

South Australia

  • The Legal Practitioners’ Act 1981
  • The Legal Professional Regulations

Western Australia

  • Legal Profession Rules 2009
  • Legal Profession Regulations 2009

Northern Territory

  • The Legal Profession Act 2006
  • The Legal Professional Regulations

Tasmania

  • The Legal Professional Act 2007
  • The Legal Profession (Prescribed Authorities) Regulations 2008

 

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, visit rsm.com.au/auditandassurance or contact your local RSM office >