External examination reports 2018 – lodgment reminder
23 May 2018
The external examination lodgment period ended on 31 March 2018.
Any outstanding reports must be lodged with the Society by 31 May 2018. Please note there is no provision under the legislation for extensions to lodge reports.
A six-point reminder plan has been implemented to alert law practices of their reporting requirements:
- The external examiner appointment relates to an individual not an audit firm. Please ensure that the appointment details held by the Society are accurate.
- If the only trust money received or held by the law practice during the 12-month period ended 31 March 2018 was transit money or money received into or held in a PEXA source account, the law practice’s trust records for that year are not required to be externally examined. Complete a Part A Declaration and lodge with the Society by 30 April.
- If the firm held or received trust money – Complete Form 4 Law Practice Declaration (Part A) and Trust Money Statement (Part B) and give to appointed individual external examiner.
- Attach relevant schedules as per Item 15 of Part B Form 4.
- The trust account signatories must reflect those held by the bank. This will enable the Society to maintain accurate records.
- External examiner to complete Form 5 and attach relevant schedules and lodge with Society by 31 May.
The reminder plan is a guide only based on the legislative requirements detailed in the Legal Profession Act 2007 (s267 and s268) and the Legal Profession Regulations 2017 (s61 and s62).
The External Examination Report and Declarations can be lodged with the Society by email email@example.com or post GPO Box 1785 Brisbane Qld 4001. Please be mindful that there is a 15MB limit for emails sent to the Society.
Please phone the Trust Account Investigations Department on 07 3842 5908 for more information.