Law Society inspections
At a glance
-
Ensure that the books of account are written up to date and reconciled up to date.
-
Ensure that all the books of account and supporting documentation are available for the previous financial year and the current financial year to the accounting date, to include bank statements, original client account cheques and file of electronic payment confirmations.
-
Ensure the firm’s anti-money laundering policies, controls and procedures document, and business risk assessment are up to date and available for inspection.
The documents and information needed in the inspection process includes:
-
client bank account reconciliation including a schedule of outstanding cheques and lodgements;
-
quarterly client account balancing statements;
-
client ledger control account;
-
schedule of client and office ledger balances at the accounting date;
-
bank certificates of balances at the accounting date;
-
office bank account reconciliations;
-
copy of the last Reporting Accountants Report; and
-
client files
Regulatory requirements concerning inspections change from time to time and a more comprehensive list of documentation required by the Law Society’s authorised investigating accountant and guidance materials will be provided to you in advance of an inspection.
