Hopefully your Legal Firms and practitioners are already aware that all Law Practice Trust Account External Examiners must have successfully completed an approved Legal Profession Uniform Law (LPUL) course and been re-appointed as an accredited LPUL Examiner, to conduct law practice trust account examinations for 2018 and onwards.
Luckily all our current and future clients can rest assured that AGC auditors have completed the Legal Profession Uniform Law (LPUL) course and been re-appointed as an accredited LPUL Examiner.
Under the Legal Profession Uniform Law 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 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 31 May.
To view the legislative basis for this requirement, see:
Legal Profession Uniform Law - Chapter 4 Business practice and professional conduct, Part 4.2 Trust Money and Trust Accounts, Division 3 External Examinations.
Legal Profession Uniform General Rules 2015 - Chapter 4 Business practice and professional conduct, Part 4.2 Trust Money and Trust Accounts, Division 4 External Examinations.
Law practices are required to notify the Law Society of the person appointed as their external examiner and must also notify the Society when they terminate an appointment.
To notify the Law Society complete the Notification of appointment or cessation of external examiner form and return it completed to the Trust Accounts Department.
Further, prior to terminating the appointment of an external examiner the law practice is required to seek the approval of the designated local regulatory authority - the Law Society. To request approval complete the Request for Approval for Termination of External Examiner form.