The requirement for a Legal Practice Trust Audit is contained in the Legal Practice Act 28 of 2014 (the LPA) and is further set out in the Rules.
The audit process covers the major risk areas relating to holding third party funds in a fiduciary capacity. An independent audit report reflects the compliance status of the Legal Practice trust account environment for the period which report covers.
The trust audit is an important enabler in obtaining your Fidelity Fund Certificate (FFC) annually. Without the FFC, a legal practitioner will not be able to practice, receive and hold client money in trust and earn fees.
We perform Trust Audit engagements required in terms of the LPA and the Rules.
We understand that the annual audit imposed on Legal Practitioners contributes to stress, anxiety, and anger. Our professional and seamless approach will result in minimal disruption to the operations of the client, with industry leading turnaround times.
Our holistic approach ensures that we finalise all reporting requirements to the relevant Regulatory bodies including the Legal Practice Council (the LPC). We also assist clients with submissions to the Fidelity Fund in respect of the annual Audit Fee refund process.