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Legal Practitioners Trust Auditors Online

More than 10 years experience in the Trust Auditing & Advisory sector

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Who we are

We are a national professional services firm of registered auditors with Independent Regulatory Board for Auditors (IRBA) who specialises in Legal Practitioners Trust Accounts Audit services and we are proudly a level 1 BBBEE contributor.

The company is owned and managed by an impeccable team of young professionals with a combined experience of more than 10 years in the audit and advisory sector.

Mission

Our mission is to provide a cost effective and sustained quality Legal Practitioners Trust Accounts Audit services to our clients wherever they are located in South Africa.

Vision

Our vision is to become the leader in providing value adding Legal Practitioners Trust Accounts Audit services.

More than 10 years in the audit and advisory sector

What We Do

LEGAL PRACTITIONERS TRUST ACCOUNT ENGAGEMENTS

Regulator: Law Societies
We perform a reasonable assurance engagement on whether the legal practitioners’ trust accounts were maintained, in all material respects....


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Legal Practitioners Trust Account Engagements Regulator: Law Societies

We perform a reasonable assurance engagement on whether the legal practitioners’ trust accounts were maintained, in all material respects, in compliance with Section 86, read with Section 63(1)(g), and Sections 87(1), 87(3) and 87(4) of the Legal Practice Act, No. 28 of 2014 (the Act), and Rules 54.6-54.13, 54.14.1-54.14.6, 54.14.7.2, 54.14.7.3, 54.14.8-54.14.16, 54.15, 54.16, 54.17, 54.18, 54.19, 54.31, 54.32, 54.33, 54.34, 54.35 and 55.1-55.11 of the South African Legal Practice Council Rules79 (the Rules), made under the authority of Sections 95(1), 95(3) and 109(2) of the Act.

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Overview of Legal Practitioners Trust Accounts 

Trust accounts by definition are bank accounts specially designed for registered legal practitioners managing or holding funds in trust on behalf of clients or third parties. The purpose of a trust account is to safeguard and protect client’s funds. It is regulated by section 86 of the Legal Practice Act No. 28 of 2014.

The funds contained in this account are not owned by the principal client (the Legal Practitioner) as they are only controlled by virtue of a fiduciary relationship for the third party/client of the Legal Practitioner.

A trust account legal practitioner must be in possession of a Fidelity Fund Certificate (FFC) issued by the Legal Practice Council, which must indicate that the legal practitioner concerned is obliged to practice subject to the Act (s 84(1) and (4)).

Legal practitioners are bound by a strict professional code of conduct as prescribed by their regulatory body, and include the transparent management of clients’ trust accounts which are subjected to regular audits by registered auditors.

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Audit submission to Law Society

Here’s the list of minimum documents to be submitted to Law Society;

Audit report

Trust statement on firm letterhead

Proof of Business banking details for refund

Auditor’s Invoice

Refund letter

Our Pricing

Legal Practitioners Trust Accounts Audit for your firm from only

Opening audit report

R 2 875 vat incl.

(first four months)

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Annual audit report

R 5 750 vat incl.


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Closing audit report

R  4 600 vat incl.


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Accounting Services

R  575 p/m vat incl.


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Audit requirements per The Rules


Opening audit

54.21 A firm which commences practice for the first time shall, within six months of so commencing practice, furnish the Council with a report substantially in the form of the Eighth Schedule to these rules (or in such other form as the Council may determine after consultation with the Independent Regulatory Board for auditors) covering the first four months of that firm's practice.

Annual audit

54.24 A firm shall ensure that every auditor or inspector who has accepted an appointment in terms of accounting rule 54.20 shall:

54.24.1 within six months of the annual closing of the accounting records of the firm concerned or at such other times as the Council may require and subject to any conditions that the Council may impose, furnish the Council with a report which shall be in the form of the Eighth Schedule to these rules or in such other form as the Council may determine after consultation with
the Independent Regulatory Board for Auditors.

Closing audit

54.32 A trust account practitioner shall be required to submit, within three months of the date that such practitioner ceases to practise:

54.32.1 an audit or inspector's report for any period for which an audit or review is outstanding, up to date of closure of the trust banking account.

Accounting Services

54.6 A firm shall keep in an official language of the Republic such accounting records, which record both business account transactions and trust account transactions, as are necessary to enable the firm to satisfy its obligations in terms of the Act, these rules and any other law with respect to the preparation of financial statements that present fairly and in accordance with an acceptable financial reporting framework in South Africa the state of affairs and business of the firm and to explain the transactions and financial position of the firm including, without derogation from the generality of this rule:

54.6.1 records showing all assets and liabilities as required in terms of sections 87 of the Act;

54.6.2 records containing entries from day to day of all monies received and paid by it on its own account, as required by sections 87(1) and 87(3) of the Act;

54.6.3 records containing particulars and information of:

54.6.3.1 all monies received, held and paid by it for and on account of any person;

54.6.3.2 all monies invested by it in terms of section 86(3) or section 86(4) of the Act;

54.6.3.3 any interest referred to in section 86(5) of the Act which is paid over or credited to it;

54.6.3.4 any interest credited to or in respect of any separate trust savings.

Updating accounting records

54.10 A firm shall update and balance its accounting records monthly and shall be deemed to comply with this rule if, inter alia, its accounting records have been written up by the last day of the following month. 

Trust audit reports due dates for the year ending 2022

The applicable due dates are provided in the table below.
Firms are encouraged to engage their external Auditors as early as possible,
to ensure timeous submission of the reports to the Society.

Late Submission of Auditor’s Reports

Please be advised that as from 1 January 2021 the Legal Practice Council will introduce an Administrative Fee of R1 000,00 for the late submission of Auditor’s Reports. The Administrative Fee will be raised in terms of Rule 6 of the Rules promulgated under Sections 95(1), 95(3) and 109(2) of the Legal Practice Act (“LPA”). 

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Contact Us

21 Ismini Office Park
Hillary Street, Polokwane
Limpopo Province
South Africa ,0699

P: 087 012 5923 (Enquiries)
C: 078 792 9365 (WhatsApp)
E: info@trustauditorsonline.co.za

Office Hours

Monday - Friday : 8am - 5pm
Saturday : 8am - 1pm