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First Canadian Place

100 King Street West

Suite 5600

Toronto, ON, M5X 1C9

Downtown Toronto office:

1235 Bayly Street

Unit 7

Pickering, ON, L1W 1L7

Main office:

2 Robert Speck Pkwy.

Suite 750

Mississauga, ON L4Z 1H8

Mississauga office:

Ottawa office:

116 Albert St. 

Suite 200/300 

Ottawa, ON, K1P 5G3 

Markham Office: 

15 Allstate Pkwy

6th Floor

Markham, ON, L3R 5B4

We are a legal practice management bookkeeping Firm with locations in downtown Toronto, Pickering, Mississauga, Markham, and Ottawa.

We provide practice management solutions and PCLaw Bookkeeping services to solo to medium sized lawyers and legal firms from southwestern Ontario (Middlesex) to eastern Ontario (Ottawa).

Services include legal practice management, cloud migration, PCLaw Bookkeeping, Support, Training, Security, and Installation. Law firm trust accounting solutions. Providing reports on identified deficiencies in maintaining financial records and matters on compliance with LSUC By-Laws and Rules of Professional Conduct. High-quality law firm record keeping in compliance with The Law Society of Upper Canada for high-net-worth individuals or sole-proprietors in a growing law practice in Ontario.

We also provide Website Design/Maintenance, I.T Out Sourcing/Small Office Networking.

Spot Audits Revealing Financial Deficiencies in Trust Accounting

March 24, 2016

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 deficiencies.  An astonishing "35%" are escalated and require monitoring.  Attorneys in the "highest risk" should take heed.  Being on the radar of the LSUC Spot Audit program may, "warrant a re-audit in nine to 12 months".  Escalations to Forensic Investigators and freezing of trust accounts can devastate a law practice and the effect is immediate on a real estate practice.

 

Take the time to review the Professional Development and Competence Committee Report.  If you have concerns and need a review of your books and records contact Accounting for Law www.forlaw.ca/.  Our seasoned experts can assess and put you on the correct path to LSUC by-law compliance.

 

 

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