Trust Accounts Examination
Under the Legal Profession Act 2004 and the Legal Profession Regulation 2005 a law practice is required to have its trust records externally examined once in each financial year if it has received or held trust money, excluding Transit Money.
An external examination covers a law practice’s trust records from the beginning of April to the end of March in the following year. A report on the examination must be lodged with the Law Society of NSW by the end of May.
Law practices are required to notify the Law Society of NSW of the person appointed as their external examiner and must also notify the Society when they terminate an appointment.
If you wish to appoint us for your trust account examination, please notify the Law Society by completing Notification of appointment or termination of external examiner form.