March 31 is nearing and for solicitors, this means the financial year-end for trust accounts.
Receiving and holding trust money is subject to extra scrutiny as prescribed by The Law Society, to ensure that the money being held on behalf of clients is handled accordingly.
At this time, trust account external examinations need to be arranged to meet the lodgement date of May 31. The purpose of an external examination is to review and verify the operations of the trust account, including:
- verification of the Law Practice Confirmation and Trust Money Account Statement
- that record-keeping is in accordance with legal requirements
- trust account operations represent a true and accurate reflection of the status of trust monies held by the firm.
Appointing an external examiner is an important part of the process. The examiner plays a crucial role in verifying the trust account operations meet relevant guidelines and legislation. They will also ensure that the External Examiner’s Report is lodged by May 31. There is no provision for an extension beyond this date, so it’s important to be prepared, organise early and elect an experienced examiner to guide you through the process.
Kiah from Madden Partners in Orange, NSW has nearly 10 years experience in solicitor trust account external examinations all sizes and scopes. As a formally qualified examiner, Chartered Accountant and registered Company Auditor, Kiah has a wealth of knowledge when it comes to delivering on your external examination.
You can expect both an efficient, transparent and thorough trust account examination, with a tailored examination suited to your needs. Madden Partners’ is committed to excellence and professionalism, but driven by delivering a customer service experience that is second to none.
Kiah makes switching to Madden Partners for your solicitor trust account external examination a straightforward and hassle-free process. By choosing Madden Partners for your examination, you will receive quality feedback on your trust account operations, guidance that is backed up by experience and the comfort of dealing with a reliable and friendly examiner who is committed to your needs. For an obligation-free quote or advice on switching, call or email us today.