Issued: Tuesday, 22 September 2015
Law practices are required to have their trust records externally examined once a year. The external examiner is required to give a written report of their examination to the local regulatory authority at a time or within a period determined by the Legal Services Council and published on the Council's website.
The Council has determined that for the current reporting period, the timetable is to be the same as that which applied under the 2004 Legal Profession Acts.
In Victoria, external examiners will need to give their report to the local regulatory authority by 29 February 2016. In New South Wales, reports will need to be provided by 31 May 2016.
The Council will be working with local regulatory authorities and other key stakeholders over the coming months to explore opportunities to harmonise the timing of external examinations of trust records across participating jurisdictions for future reporting years.
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