Before you / your trainees can embark on an audit of a legal practitioner’s (attorney’s) trust accounts, you will need a basic idea of
• how an legal practitioners does business,
• how the trust account fits into the business’ operations,
• what the nature of the trust account is and the various types of transactions that can flow in and out of the trust accounts.
Our goal is to give you the background behind how legal practitioners do business and how trust accounts work, to give you the head-start before your audits.
- What does a legal practitioner practice do
- What financial statement line items would apply to an legal practitioner
- What types of legal matters could occur
- What makes an legal practitioner business special
- How does a trust account fit into the business
- Understanding accrual VS cash basis of accounting
- Identifying the basic transactions that flow in and out of a trust account
- What the law (Legal Practice Act) has to say about trust accounts (very brief introduction)
- What your goal is when auditing a trust account
☒Auditors
☒First year SAICA Trainees
☒Second year SAICA trainees
☒Third year SAICA trainees
