Trust records to be externally examined
34 Trust records to be externally examined
A law practice must, as soon as practicable after the end of each financial year, have its trust records for that year externally examined by an external examiner appointed in accordance with the regulations. Maximum penalty: $50 000.
The Society may appoint an external examiner to examine a law practice's trust records if the Society is not satisfied—
that the practice has had its trust records externally examined as required by this clause; or
that an external examination of the practice's trust records has been carried out in accordance with the regulations.
Without affecting the generality of clause 49, this clause has effect subject to any exemptions provided by or given under the regulations from the requirement to have trust records examined as otherwise required by this clause.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.