It is nearing March 31, which means the financial year-end for solicitor’s trust accounts. At this time, it is important to be aware of your obligations in regards to trust account external examinations to ensure lodgement by the due date. An external examination is a legal requirement under the Legal Profession Uniform Law and the Legal Profession Uniform General Rules 2015, and overseen by the relevant body in your state, such as the Law Society in New South Wales.
Selecting an auditor that meets your real estate trust account audit needs is important for your business. At Madden Partners, we know that making the choice to switch needs to be a good step for you, with the confidence that you will be receiving better value for your business. There are a couple of things that you can do to keep on top of your obligations and facilitate a smooth transition when switching trust account auditors.