Trust Accounting: Ethics, Practice Management and Professional Skills
How well are you prepared for your trust accounts audit? Which red flags should you watch out for to avoid potential fraud? Experts from the Legal Practice Board and trust account auditors will provide you with critical tips to help you prepare for your annual trust account examination.
Description
Attend and earn 3 CPD points including:
1 point in Competency Area 1: Practice Management
1 point in Competency Area 2: Professional Skills
1 point in Competency Area 3: Ethics & Professional Responsibility
Chair: Robert Campbell, Managing Director, Australian Audit
Competency Area 2: Professional Skills
2.00pm to 3.00pm: Three Way Examination of Trust Accounts
- Implementing good internal control procedures for operating your trust account
- Key legislation and regulations to ensure you have considered and addressed
- The red flags to be aware of to avoid the potential for fraud in your trust or operating accounts
Presented by Nigel Dias, Director, Audit and Assurance, Armada Accountants & Advisors
Competency Area 3: Ethics & Professional Responsibility
3.05pm to 4.05pm: Trust Accounts: Ethical Obligations and Case Reviews
- What trust accounting records must be established when receiving trust money by a law practice?
- How to manage your obligation and responsibilities with respect to trust money
- What to look out for when reviewing the trust accounting records
- Practical case studies: examples of cases were the legal practitioner was held responsible, what should have been the process, what actually happened and the outcomes of each case to the law practice, legal practitioner and staff
Presented by Anna Young, Senior Trust Account Inspector, Legal Practice Board of Western Australia
4.05pm to 4.15pm: Break
Competency Area 1: Practice Management
4.15pm to 5.15pm: Trust Account Inspections
- How to prepare for a trust account examination
- What is the external examiner’s role?
- Common errors and how to avoid them
Presented by Alastair Abbott, Director, Australian Audit