MBS Accountants & Auditors
Midsun Business Solutions Pty Ltd T/A
Solicitor Trust Audit
We are qualified accountants holding public practice licenses to audit the Solicitor's Trust Account
ON-SITE or ONLINE. We are a registered External Examiner with:
the Law Society of New South Wales
the Victorian Legal Services Board + Commissioner, and
the Legal Practice Board of Western Australia
Free consultation via Zoom, Skype, Team, LinkedIn or Phone.
Overview of the regulations in each state:
New South Wales
Under the Legal Profession Uniform Law (NSW) and the Legal Profession Uniform General Rules
2015, 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 by 31 May each year.
Law practices and approved barristers’ clerks who operate trust accounts are required to keep trust records. These records must be examined by an external examiner (EE) each trust examination year. The trust examination year runs from 1 April – 31 March. For the purposes of the examination, a law practice or approved clerk must provide the EE with their accounting or other records relating to the affairs of the practice or approved barristers' clerk, as well as any other information the EE reasonably requires. Penalties apply for failing to comply with these requirements.
Trust records must be externally examined at least once in each financial year by an External
Examiner approved by the Board and paid for by the practice. The External Examiner must provide
the Board a written report of the examination. The report must include an examination of all general trust accounts and accounts where trust money was held (e.g. controlled money accounts and
account subject of a power) that have been opened or closed by the law practice during the
Liability limited by a scheme approved under Professional Standards Legislation