LSUC Spot Audits and You Section 49.2(1)
An exponential expansion of The Law Society Audit Department has occurred in the past several years. Their mandate is to conduct a spot audit on each Law Firm every five years. All newly formed Law practices must be audited in the first 12 months of operation. Our purpose is to maintain your Law Firms financial records in accordance with By-Law 9.
The Spot Audit Program
Designed as a pro-active compliance measurement and problem detection tool, Spot Audits measure the integrity of law firm financial filing (By-Law 8), assess ongoing compliance with financial record-keeping requirements (By-Law 9) and the Rules of Professional Conduct, and identify serious misconduct related to financial matters. -- Law Society of Upper Canada, Spot Audits and You: Setting Standards...Meeting Expectations [Post], Retrieved from http://www.lsuc.on.ca/with.aspx?id=2147490015#you
A primary goal, which reflects a remedial approach, is to attend your law office and provide on-site guidance aimed at helping your Law Firm correct minor deficiencies with your firms record-keeping practices before they lead to serious LSUC non-compliance. Let us help your Law Firm conduct an internal review well before notice of a Law Society of Upper Canada Spot Audit.
If your law firm has an audit pending, our accounting firm will urgently step in and provide the necessary support and preparation for your Law Practice. After a spot audit your law office may receive correspondence which requires a detailed reply. Allow us to review your law firm's books and assist with a comprehensive response.