Law Firm Trust Account Examination & Audit
Independent External Examination Support for Law Practices in Victoria, NSW & Western Australia
Victorian Legal Services Board (VLSB)
Registered External Examiner for law practices in Victoria.
The Law Society of New South Wales
Approved External Examiner for NSW law practices, subject to applicable requirements.
Legal Practice Board of WA (LPBWA)
External Examiner for Western Australian law practices, subject to the Board’s appointment requirements.
Independent Chartered Accountants
Experienced Chartered Accountants providing independent, thorough and practical trust account examination services.
Qualified External Examiners Across VIC, NSW & WA
Our experienced external examiners assist law practices with annual trust account examinations across Victoria, New South Wales and Western Australia. We provide independent, practical support aligned with the requirements of the relevant legal profession regulators.
Why Is a Trust Account Examination Required?
Law practices that hold trust money are subject to annual external examination requirements under the applicable legal profession rules. The examination provides independent oversight of trust accounting records and helps identify issues that may require correction or further action.
Support compliance with applicable trust account requirements
Identify errors, irregularities and reconciliation issues
Support accurate annual reporting to the relevant regulator
Provide independent review of trust accounting records
Confirm records are
complete and properly maintained
Help law practices address issues before they become more serious
Our Process
Our Trust Account Examination Process
Before we begin, we take the time to understand your law practice, confirm the relevant jurisdiction and trust account requirements, assess the scope of the examination, and agree on timing and fees.
Step 01
Initial Consultation
We confirm your practice details, jurisdiction, trust account structure and annual examination requirements.
Step 02
Document Preparation
We provide a clear list of the records and information required, including Part A and Part B where applicable.
Step 03
Trust Account Review
We examine the trust accounting records, reconciliations, ledgers and supporting documentation.
Step 04
Compliance Testing
We test key trust account controls and identify any errors, irregularities or matters requiring clarification.
Step 05
Findings & Resolution
We discuss any issues identified and allow the practice to provide explanations or address matters where appropriate.
Step 06
Examiner Reporting
We complete the external examiner reporting requirements and lodge or submit the report in accordance with the relevant VIC, NSW or WA process.
What Our Clients Say
FAQ
Your Questions, Answered.
Every business is different. Let's find the right answer for yours.
Requirements depend on the applicable legal profession rules and jurisdiction. Practices that hold trust money should confirm their obligations and arrange the required external examination within the prescribed timeframe.
Typical records include trust bank statements, cashbooks, ledgers, reconciliations, receipts, payment records, controlled money records and supporting client matter documentation. Requirements vary by jurisdiction.
External examination requirements are generally periodic and governed by the relevant state or territory regulator. The applicable reporting period and due date should be confirmed for the practice's jurisdiction.
Tradewise Solutions provides law firm trust account examination services across Victoria, New South Wales and Western Australia, subject to the applicable appointment and regulatory requirements.
Investigate it promptly, preserve the supporting records and determine whether correction or regulatory notification is required. Significant or unexplained discrepancies should not be left until the year-end examination.
Need Support With Your Annual Trust Account Examination?
Speak with an experienced external examiner about your law practice’s annual trust reporting, examination requirements and preparation across Victoria, NSW and Western Australia.
