Spot Audits Revealing Financial Deficiencies in Trust Accounting

LSUC PDCC Report The Professional Development and Competence Committee have reported a re-focus of how and who they are spot auditing. Sole practitioners and two lawyer firms running a real estate practice should be on alert. These Law firm demographics have been recognized by the PDCC as "posing the documented highest risk to the public". It is now established that the mandate is for these firms be Spot Audited every 5 years. The "lower risk" sole practitioner and small firms (2-5 Attorneys) will move to 7 year intervals. Mid-large sized law firms every 10 years. Each Spot Audit is reviewed by a Supervisor. "The majority of audit engagements are found to have...insignificant financial

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