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De Villiers Attorneys
Telephone 0182972090
Accepts Correspondent instructions.
Conveyancing. Litigation. Commercial. Mining Law.
Updated 2023-11-13.
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Evans 0714107505
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September 2022 Prime Lending 9.75%
On 22 September 2022 South Africa’s Prime Lending Rate increased to 9.75%.
This increase presents a total increase of 1.5% since the beginning of 2022 and will increase pressure on consumers.
By the Practitioner Support Unit of the Attorneys Fidelity Fund
More often than not, legal practitioners outsource their accounting duties to qualified accountants or bookkeepers. Reasons for the outsourcing will, for obvious reasons, differ from one legal practitioner to another. Reasons range from an inability to prepare and/or balance books, to the need by the legal practitioner to focus on their area of expertise.
The original article is here: https://www.derebus.org.za/who-is-responsible-for-accounting-records/
SAICA provides extensive guidelines for auditing Legal Practitioners Trust Accounts. Follow this link: https://www.saica.co.za/Technical/Assurance/AuditofAttorneysTrustAccounts/tabid/4289/language/en-US/Default.aspx
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FIC PCC 53
PUBLIC COMPLIANCE COMMUNICATION No 53 Released 2022-08-30
A designated non-financial businesses and professions (DNFBPs) accountable institution should note that in response to a request for documentation in terms of section 42(4) of the FIC Act, the accountable institution should provide the RMCP document. Failure to produce an RMCP document to the supervisory body or the Centre would amount to non-compliance.
PCC 53 is intended for DNFBP accountable institutions (such as trust service
providers) that do not form part of group structures and do not have advanced
compliance or complex structures. This PCC 53 is not intended for financial
institutions and larger accountable institutions that have advanced compliance or
complex structures, including DNFBP accountable institutions within those
structures.
This affects small to medium sized law firms directly.
For more info follow this link https://www.fic.gov.za/Pages/Home.aspx
In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice pertaining to Regulation 28(2)(a) of the Companies Regulations, 2011 (Companies Regulations) to the Companies Act, 2008 (the Companies Act). This opinion applied to legal practitioners who are registered as companies in terms of the Companies Act.
Incorporated Law Firms with R5 million in trust must audit business accounts.
As a result of the withdrawal of the opinion, the business accounts of legal practitioners who are subject to the Companies Act i.e. are registered companies, and who hold assets in trust in excess of R5 million at any time during the financial year are now required to be audited.
Find more info here: https://www.saica.org.za/resources/119885