We provide the service of External Examiner to a Law Practice, to ensure compliance with the Law Institute of Victoria
Assuris FIG provide the services of an External Examiner to review trust accounts used by a law practice, and ensure compliance with the legal profession uniform law.
This examiner must be a qualified accountant, like a Certified Practising Accountant (CPA) and approved by the Law Institute of Victoria.
Our external examiner will conduct a professional review of the trust accounts records and report any discrepancies or issues found to the practitioner and the board.
This is done to ensure that the legal profession act is followed by the lawyer, and that the trust records maintained are detailed and accurate.
Every law practice that holds a trust account to receive trust money and disburse it, must conduct an annual trust account examination as part of their compliance requirements.
The Law Institute of Victoria requires the appointment of an external examiner to complete the trust account examination report.
An accredited external examiner must be appointed and it is recommended that if you are not familiar with the process that you contact the Board for more information.
The examiner will then require access to all relevant records and documents in order to complete the examination process. This includes an onsite visit.
Once the examination is completed, an official report must be submitted to the Board.
When a law practice appoints an External Examiner to trust account, they must appoint someone who is qualified to examine the trust accounts.
The practice is required to notify the Board.
The appointed external examiner must provide a report of their findings and inform the Board and the practice of any inconsistencies or discrepancies. Consequently, the law practice is obligated to use a certified and qualified accountant as an external auditor, as they must review and document data in reference to the trust accounts.
We encourage new law practices to be familiar with these requirements and take steps to ensure that they are met where applicable.
If you have any questions about appointing an External Examiner, please do not hesitate to contact us for assistance.