spot audit assistance

Red flags you need to know that could trigger The Law Society audit including: identification of inadequacies during a previous spot audit; newly formed law firms to ensure appropriate record-keeping practices; failure to file the Lawyer Annual Report (LAR); non-compliance with the Law Society’s record-keeping provisions or Rules of Professional Conduct and so on. (https://lso.ca/lawyers/about-your-licence/spot-audit). Based on our experience, each law firm will be audited approximately once every five years and the newly formed firms will be audited in the first twelve months of operation. Therefore, if you are seeking professional advice and assistance to avoid the red flags that could trigger one, please get in touch.

Our goal is to maintain your financial records in accordance with By-Law 9.

Pre-audit: To rectify any minor errors in your record-keeping practices prior to the auditor’s visit and prepare the reports for audit use in accordance with the requirements of By-Law 9
Site-audit: To appoint the dedicated bookkeeper to assist you during the audit process
After-audit: To help you review the Audit Report with Members and correct the deficiencies identified in the report to the society’s satisfaction

Resources

The Spot Audit Program

Designed as a pro-active compliance measurement and problem detection tool, measure the integrity of law firm financial filing (By-Law 8), assess ongoing compliance with financial record-keeping requirements (By-Law 9) and the Rules of Professional Conduct, and identify serious misconduct related to financial matters.

Spot Audit supports and promotes high quality law firm record keeping by answering questions and providing guidance regarding private mortgages, trust and general record keeping requirements, and By-Law 9 and providing onsite support and ensuring compliance with LSO requirements by conducting audits. (https://www.lso.ca/lawyers/about-your-licence/spot-audit)

Bookkeeping Guide for Lawyers

https://www.lso.ca/getdoc/790412c5-0bdd-485d-8b84-dbac15a061ce/bookkeeping

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