Law Firm Trust Account Examination Tutorial
Step-by-Step Guide and Video Tutorial for Law Practices
Step-by-Step Video Modules
Practical walkthroughs covering key stages of the trust account examination process, including Part A and Part B.
Preparation Checklist
Clear pre-examination steps to help your practice organise records and prepare efficiently.
Statutory Compliance
Guidance aligned with relevant requirements and regulator expectations across Victoria, NSW and Western Australia.
Free Audit Guide
Downloadable checklists and reference materials to help law practice managers prepare for the examination.
Preparing for your annual trust account examination doesn't have to be stressful.
Follow this video tutorial and download our step-by-step preparation checklist to ensure a seamless examination.
Module 1
Tutorial Module 1: End of Year Trust Reporting (Part A)
Lesson Highlights & Checklist
01
Follow this video tutorial and download our step-by-step preparation checklist to ensure a seamless examination.
02
Reconciling cashbooks, trial balances, and bank statements prior to examination.
03
Managing statutory deposits and interest allocations.
04
Identifying common trust accounting breaches and how
to rectify them early.
Module 2
Tutorial Module 2: End of Year Trust Reporting (Part B)
Lesson Highlights & Checklist
01
Completing trust account declaration forms for state regulatory bodies.
02
Coordinating with your appointed External Examiner.
03
Submitting completed examination reports directly to VLSB,
LSNSW, or LPBWA.
04
Best practices for maintaining ongoing, daily trust
account compliance.
Best Practices
End-of-Year Compliance Checklist
Monthly Reconciliations
Complete, review and sign off trust account reconciliations within the required timeframe each month.
Inactive & Dormant Balances
Review long-outstanding trust balances and deal with dormant funds in accordance with the applicable requirements.
Overdrawn Accounts
Investigate any overdrawn client trust ledger immediately and take appropriate corrective action.
Record Retention
Keep trust accounting records complete, secure and accessible for the required statutory retention period.
Professional Registrations & Memberships
Recognised. Regulated. Trusted.
Tradewise Solutions maintains professional registrations and memberships with leading Australian accounting, tax and regulatory bodies.
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 Help With Your Trust Account Examination?
Speak with an experienced external examiner about your annual trust reporting and examination requirements.
