Are your banks reconciled? ? What about the negative trust ledger balances? Are your form 9(a)s in order?
The Law Society decides to audit you for Practice Management or Financial Management on their schedules. Lawyers seem to dread these dates. If the firm is operated according compliance requirements and monitored for compliance, the audit dates are considered as a necessary event. Mostly to review the firms compliance and report any shortcomings.
We at QueryPoint literally “hand-hold” a law firm, to provide all the necessary help to successfully complete the audit. Our process covers:
- Pre-Audit Support
- Audit Support
- Post-Audit Support
Pre Audit Support
Preparation, does not start when you receive a letter from The Law Society, to advise of your audit. Set aside time each month to ensure your accounts procedures are up to scratch. Half an hour will do it, if you keep on top of matters.
We support every aspect , other than legal advice, required to be implemented by law firms regarding Law Office Policies and Procedures. We ensure all the infrastructure is present for required documentation and systems, to comply with Law Society requirements. From file numbering to file closing and destruction, we ensure that your law firm is compliant in every Law Society rules, policies and procedures.
The Financial Management support, encompasses everything, from the basics of Trust Issue receipts to detail trust reconciling, reconciling accounts receivable and monitoring trust accounts. We also ensure that all Legal Aid accounts are reconciled.
Our consultants constantly keep the managing lawyers abreast of compliance deficiencies and our suggestions and implementations to rectify these deficiencies.
The constant compliance implementations and monitoring ensures that a law society audit becomes just one step in the running of an efficient and compliant law firm and not a fearsome eventuality.
On the day of the audit our specialists will be present to aid you and your staff to ensure that all the required documentation is available for the auditors perusal, and the necessary questions are answered. Our professionalism has helped many law firms to complete their audits in a conducive and successful manner. Our clients testimonials and references prove our audit worthiness.
After Audit Support
Once the audit is completed , the Law Society Auditor produces a detail report of her/his verifications and heir opinions and the deficiencies that have been revealed during the audit. This is discussed with the Managing Lawyers in a sit-down interview . Suggestions are made by the auditor or immiediate actions is required to correct any fiancial deficiencies and methods to monitor them.
After the auditor has left, we discuss the report with the managing lawyers and help the firm make the necessary amendments and implement them. We help to train the lawyers and the administrative and accounting staff ,to conform to these new requirements. The audit report suggestions requires you to amend existing procedures or put new procedures in place to minimise future issues.