Amendments to external examinations of trust records
5 April 2017
On 30 March 2017 amendments were made to the Legal Profession Regulation 2007 (LPR) pertaining to the external examinations of trust records. The amendments were made to Section 62 of the LPR. The previous section was replaced in its entirety and replaced with ‘Exemption from requirement on a law practice to have its trust records externally examined’.
This section now lists the two criteria for an exemption from lodging an external examiner’s report.
The exemption applies to law practices that have only received or held trust money during the financial period in the form of transit money or money received into or held in a PEXA source account.
Definitions that are relevant to electronic conveyancing and a PEXA source account have been included.
The amendment took effect from 31 March 2017.
Please contact the trust account investigation team on 07 3842 5908 or via email email@example.com if you have any questions on the above.