Law Practice Trust Account Audits

It is a legal requirement that an external examination by a qualified auditor be performed annually for all Law Practices that operate a Queensland based Law Practice Trust Account.

At GMD Chartered Accountants & Advisors our audit team specialise in the external examination of Queensland based Law Practice Trust Accounts. During the audit season our team travel across Queensland working with Principals and Practice managers to undertake year end trust account audits to ensure compliance with the Legal Profession Act & Regulations.

Why appoint GMD as your External Examiner this year?

1. Our audit team are highly skilled & 100% independent.

2. Our team have considerable commercial knowledge in a range of legal practice software solutions including Leap Legal, Open Practice, Action Step, Comparto & LawMaster.

3. External examinations are performed by our one of our Practice Partners in association with qualified & experienced Chartered Accountant auditors, not junior staff.

4. Our audit team attempt to go beyond just performing an annual audit & publishing an External Examination Report to the QLS. We aim to promote best practice procedures to our legal firm clients to improve trust account procedures & controls.

5. We have developed a standardised pricing structure for Queensland based Law Practices providing legal firms with transparency in regards to our professional service fees and further promoting audit independence.

What are the steps to engage GMD as your auditor?

1. Contact our team via audit@gmdaccounting.com.au or on 5628 0112 and we will immediately prepare an audit engagement letter confirming our independence and acceptance of your audit engagement.

2. We will then prepare the QLS Form 31 notifying the QLS of our appointment as your external examiner.

3. Our team will contact your firms Partner or practice manager to arrange a suitable date and time to come to your premises and undertake the external examination.

Fixed Cost Annual External Examinations

For all legal firms practicing out of Queensland we are proud to offer fixed price annual external examinations for the 2017 Trust Account Audit Year regardless of how many hours the examination takes or how many monthly transactions the trust manages.

Contact our audit team on audit@gmdaccounting.com.au or 5628 0112 and we can notify you of the 2017 Fixed Price Trust Account Audit Fees.

Any questions?

Feel free to contact our team on 5628 0112 or via email on audit@gmdaccounting.com.au.

We look forward to working with you.

GMD Chartered Accountants & Advisors