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IRBA Alert: New IRBA Guide on Legal Practitioners’ Trust Accounts
- 29 April 2020
- Auditing and Assurance
- South African Accounting Academy
IRBA have just released their brand new Guide for Registered Auditors: Engagements on Legal Practitioners’ Trust Accounts. It is effective for financial periods starting on or after 1 March 2019.
This Revised Guide provides guidance to auditors in the special circumstances applicable to engagements on legal practitioners' trust accounts, as required by the Legal Practice Act, No. 28 of 2014 (the Act) and the South African Legal Practice Council Rules made under the authority of Sections 95(1), 95(3) and 109(2) of the Act (the Rules), including an auditor's responsibility to report a reportable irregularity.
This guide includes:
- Illustrative engagement letter
- Illustrative representation letter
- Illustrative auditor's report
- Legal Practitioners annual statement on trust accounts
This Revised Guide is also relevant for legal practitioners in understanding the nature of the engagement, and the respective responsibilities of the parties. Click here to download the full guide.
For an update on this and other legislative amendments, access our Monthly Compliance & Legislation Update webinar presented by Lettie Janse van Vuuren CA (SA), RA here.