Overview

With the ATA (Attorneys’ Trust Accounts) engagements submission deadline of 31 August 2019 looming, it is vital the correct information be submitted to the relevant authorities.  This already daunting task was complicated by the introduction of new requirements and considerations for the February 2019 reporting, including a new set of legislation applicable to attorneys (when the Attorneys Act and Uniform Rules were replaced), new auditor’s report wording, as well as brand new paragraph references to the Revised IRBA Code of Conduct, etc.  Auditors have to ensure that their working papers reflect all the necessary detail, to be sufficient and appropriate to support their opinion expressed. 

This webinar is based on the specific requirements that relate to the February 2019 reporting period.  During this webinar you will receive summaries and illustrative examples of these specific requirements, as well as references to other important changes and useful tools.

Join technical expert Lettie Janse van Vuuren CA(SA), RA on 29 August 2019, as she breaks down the specific requirements to the February 2019 assurance engagement reporting period of legal practitioner’s trust accounts.

Learning objectives

By the end of this webinar the participant should be aware of the requirements applicable to legal practitioner’s trust accounts with regard to:

• Existing guidance on ATA engagements
• New requirements contained in the LPA (Legal Practices Act) and LPC (Legal Practice Council) Rules that replaced the Attorneys Act and the Uniform Rules;
• The new illustrative reasonable assurance auditor's report which was issued by the Legal Practice Council for use by registered auditors when reporting on ATAs for the 28 February 2019 year end;
  • Including the updated illustrative wording for the assurance provider's report (issued by the IRBA) to include the correct references to the Revised IRBA Code of Conduct (because the wording contained in the Revised SAAPS 3 is only applicable to audits);
• The new SAICA publication which provides an overview of the key differences between the Attorneys Act and Legal Practice Act as well as the related Rules

Course content

The following topics will be covered in detail during the event:

• • Existing guidance for engagements on attorneys’ trust accounts, including SAICA FAQ
• New guidance issued (to be used for the February 2019 reporting period), including:
  • New requirements contained in the LPA (Legal Practices Act) and LPC (Legal Practice Council) Rules that replaced the Attorneys Act and the Uniform Rules; and
  • The new illustrative reasonable assurance auditor's report which was issued by the Legal Practice Council for use by registered auditors when reporting on attorneys' trust accounts for the 28 February 2019 year end; and
  • The updated illustrative wording for the assurance provider's report (issued by the IRBA) to include the correct references to the Revised IRBA Code of Conduct (because the wording contained in the Revised SAAPS 3 is only applicable to audits);
• Reference to the new SAICA publication which provides an overview of the key differences between the Attorneys Act and Legal Practice Act as well as the related Rules;

• Other important changes, including:
  • New processes for trust interest paid (manual payment as well as sweeping of 5% interest earned on trust investments);
  • Information on the latest scams affecting ATA (with specific reference to money laundering);
  • ATA deficiencies highlighted by the IRBA; and
  • Link to SAICA webcast

Obtaining your CPD certificate

Attendance of this 2-hour seminar/webinar series will accrue 2 CPD hours for members of a relevant professional body. The SAAA CPD policy is compliant with the IFAC IES7 and is recognised, amongst others, by SAICA, AAT, SAIPA, SAIBA, ACCA, IAC, CIS, ICBA, LSSA, FPI, the IBA and others.

Who should attend

The following persons involved with “property practitioners” will benefit from attending this webinar:

• Registered auditors;
• Anyone involved in the current assurance engagement for ATAs, e.g. Audit trainees, Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA and others;
• Legal practitioners, attorneys and lawyers who would like to develop a foundational understanding as to the new trust account implications.

Additional material

By attending this webinar, you will be provided with:

• Summarised slide presentation;
• Detailed course material;
• Source documents – which can be kept in your reference/resource library;
• The ability to ask questions during the webinar via the online portal, as well as during the subsequent live Q&A session; and
• Access to the presenter via e-mail, after the webinar.