Are you a principal of a law practice or an individual Lawyer or a barrister? And,
is engaging external examiner in Sydney a difficult process for you? So,
Do you feel a big challenge in engaging an external examiner every new year for your Trust Account Audit requirements?
If Yes, then please read bellow ......
At External Examiner it is easy to engage an external examiner sydney. We have registered sydney auditors and sydney external examiner who are very experienced in trust account audit. And, this service is exclusively for solicitors and barristers of New South Wales.
Why is this Audit or External examination?
Do I Need This Audit?
There are two possible reasons why you would not need to file an audit report:
1. You do not need to file an External Examiners Report to the Law Society if your firm has never operated a trust account. However, it is rare that a law firm would not operate a trust account as it is generally accepted practice that funds are collected from the client in advance. So, these funds have to be held in a trust account. Above all, a firm would not keep a trust account in a situation where they only bill for the work after it is done and receive payments for these invoices.
2. For Instance, if you have received only transit money then you do not need your trust account audit requirements. Under the Legal Profession Act 2004 “transit money” is defined as “money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the practice”.
Trust Account Audit
Because of the Legal Profession Uniform Law (NSW) and the Legal Profession Uniform General Rules 2015, a sydney law practice is required to have its trust records externally examined by an external examiner sydney once in each financial year if it has received or held trust money. But please keep in mind, you may not need the external examination for your trust account if you have received only transit money.
So, please check the following legislation for a better understanding of you trust account audit requirements:
Why External Examiner?
External Examiner Sydney plays a crucial role in verifying the trust account operations meet the relevant guidelines and regulations. We will ensure to lodge the External Examiner’s Report by May 31. Because of this, It’s important to prepare and organise beforehand. So, please engage us to guide you through the process as there is no provision for an extension beyond this date.
Is Engagement a must?
Yes, your law practice must appoint an external examiner to complete a written external examiner’s report on your trust records. And after that the examiner then forwards to the Law Society by 31 May each year. And External Examiner Sydney provides you with all sorts of services to fulfill this requirements. You may visit our service page to get the proper knowledge about our other services as well.
What are the Steps?
The steps involve in finalising your trust account audit requirements:
1. Fill up the external examiner Sydney engagement form.
2. We will finalise the engagement process after discussing with you.
3. You will then get request from us for the required financial documents to be sent to us as per our engagement.
4. You reply to our audit questions which are sent to you as per the audit process and,
5. We finalise the audit and send the report to both you and Law society of NSW.
Easy!!! Isn't It?
So, no more big challenges in completing the requirements of your Trust account Audit. You will be relaxed by giving us all the work needed to be done in this audit process. You can expect an efficient, transparent and thorough trust account audit, with a tailored audit process suited to your requirements. Still confused? Please call Russel on 0433555818 to discuss or to arrange an obligation free meeting with us. Alternatively, you may fill up the bellow form so that we can contact you!
What Our Custumers say
A1 Financial Services Group is not only professional but extremely prompt at completing our audit. Engaging them is so easy via online!!! I have used many auditors over the past 6 years but none have been so easy, efficient and compliant to deal with. I am very satisfied with the service they offer and provide. I will be using them continually each year going forward. Thanks A1FSG
Penny Kioussis – KIOUSSIS LAWYERS