Solicitor Trust Account External Examinations

Law practice trust accounts are state governed, and in Victoria they are regulated by the Victorian Legal Services Board + Commission (VLSB+C). By law, where a law practice or approved clerk receives trust money in their practice, a general trust account must be maintained, in accordance with the Legal Profession Uniform Law Application Act 2014 (Vic), the Legal Profession Uniform General Rules 2015 and any other applicable regulations.

By law, any law practice and approved barrister’s clerks who operate trust accounts must have their trust records audited annually, for the examination year 1 April to 31 March. In the instance of a law practice ceasing to be authorised to receive and hold trust money, they must also have their records examined for the part of the examination year in which they were still authorised to receive or hold trust money.
For copies of the act and regulations,

Legal Profession Uniform Law Application Act 2014 (Vic) and the Legal Profession Uniform Law →
Legal Profession Uniform General Rules 2015 →

The Director of Oak Audit & Assurance is registered with the Victorian Legal Services Board + Commission (VLSB+C), as an approved external examiner. Accordingly, this qualifies us to be appointed to examine the records of a law practice or approved barristers’ clerk in relation to trust accounts.

Trust account audits and examinations are one of our true passions. Through 15 years of experience in auditing trust accounts, and building professional relationships with many law firms, we have developed a sound understanding of the legal requirements and common issues that arise in relation to trust account audits, and take pride in providing audit solutions that consider these specific needs.

We appreciate that solicitors and barristers typically have a high workload and face unique demands. So we have developed systems to ensure the trust account audit and examination process is as smooth and transparent as possible. You can rest assured that we share a common goal of satisfying all legislative requirements in relation to your trust account audit, while aiming to minimise disruption to the running of your firm.