Before a Trust Audit, the Law Society will normally send an email with a list of things they would like to see from you.
Around Trust time, before a Trust Audit, the Law Society will likely send you an email with a list of things they would like for you to either email to them or have available for their visit.
Below is a list of some of those requests and how you can find them in SILQ.
1. Trust account reconciliations (including Trust Trial Balance) for the last four months
a. Go to Accounts
b. Reconcile trust
c. Choose the correct trust account
d. Past Reconciliations - on the right hand side you will see print icons. Print either a summary or in detail.
e. The Trust Trial balance can be found in reports under the trust section. You will need to run the report as at each date the Law Society requests.
2. Trust account ledgers (will be requested during the investigation) - https://community.silq.com.au/en/trust-account-ledgers
3. Trust account cashbooks (receipts and payments) for the last four months https://community.silq.com.au/en/trust-account-cashbooks
4. Trust account deposit records
These can be found in the above Cashbook Report - i.e. list of all receipts and withdrawals.
If the report is not what the auditor is looking for, you can provide the print out of each individual deposit that should have been printed at time of entering the deposit. If not, you can reprint the deposit within the Trust Money window by finding the deposit and clicking on the printer icon, called print item.
If the report is not what the auditor is looking for, you can provide the print out of each individual deposit that should have been printed at time of entering the deposit. If not, you can reprint the deposit within the Trust Money window by finding the deposit and clicking on the printer icon, called print item.
5. Trust transfer journals - last 5 transactions for the period under review
a. Go to Reports
b. Under the Trust section click on Transfer Journal
6. Investment/Controlled money records (if applicable)
If you have controlled money, some of the information will need to be provided by the firm, i.e. any authorities you have sent out.
From SILQ - you will need to provide any individual print outs you have from the time of entering the transaction.
Also,
a. Go to Reports
b. Under the Trust section click Controlled Cashbook - the equivalent of trust cashbook
c. Controlled account listing - equivalent of trust trial balance
7. Listing of debtor balances (Accounts Receivable) as at the end of last month
a. Go to Reports
b. Under the Trust section click on Debit (Overdrawn) Balances
8. A list of all dormant balances and the reasons for it being held in trust.
From the Trust Trial Balance Report you actioned above, if last transaction date is older than 3 months it will be bolded.
The below are common requests that will not be found in SILQ:
1. Copy of a blank trust cheque
2. EFT Requisition Forms, bank confirmation (if applicable)
3. PEXA settlement completion records & trust account authorisation records, OSR transaction record for direct debits (if applicable) - last 5 transactions for the period under review
4. Bank Statements for trust account
5. Bank Statement for Controlled Money Accounts
6. A copy of the law practice’s standard costs disclosure and cost/client agreement
7. General Account bank statements for the last four months
The below are common requests that are not yet features in SILQ, so will not be applicable to you:
1. Power money records (if applicable) including authorities, power document, bank statements
2. Register of Powers & Estates (if applicable)