Many accountants are involved in preparing the Reporting Accountants Report to the Law Society. It is quite an onerous and responsible task, and carries with it the requirement for compulsory professional indemnity insurance at a minimum of €500,000.
When accounting firms have a monitoring inspection from their regulatory body, it is quite often the files of their solicitor clients that cause the greatest difficulty during the review.
This upcoming seminar will cover several topics of interest to Reporting Accountants. For example, can you answer the following questions from your solicitor client?
‘I received a cheque from a client on the balancing date, the client ledger card was updated to show receipt of the money but the cheque was not lodged to the bank until two weeks later, why can’t the reporting accountant’s report, show this as an outstanding lodgement?’
‘Can a relative act as a reporting accountant?’
To find out the answers to these and similar questions, come along to our next seminar on the Solicitors Accounts Regulations. We will be joined by Seamus McGrath, FCA, Head of FInancial Regulation at the Law Society of Ireland.
This course will include
- Planning, executing and completing the assignment;
- Structuring the letter of engagement;
- Choosing sample sizes;
- A reminder of some key definitions and deadlines under the Regulations;
- How to manage mixed monies;
- Common problems the Law Society finds during reviews;
- The rules are for transferring money in/out of office/client/executor/insolvency accounts;
- The requirements for controlled and non-controlled trusts;
- Common mistakes and breaches and how best to avoid them;
- The letter of representation;
- Solicitors professional indemnity matters; and
- Money laundering issues in solicitors’ firms.