Tag: Audit

Categories
De Rebus

Who is responsible for accounting records?

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/

Categories
SAICA

Audit of Legal Practitioners’ Trust Accounts

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

Categories
CIPC SAICA

SAICA Audit of Attorneys Business Accounts

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