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Legal Practice Council (LPC) extends submission date of auditors’ reports on trust accounts
- 19 May 2020
- Accounting
- South African Accounting Academy
Due to the period of lockdown which has affected the updating and reconciliation of the accounting records by auditors, the Legal Practice Council advises that it will be extending the period within which audits are to be submitted and has determined that the periods (annual, opening and closing) be extended by a further one month, which will lapse on 30 September 2020.
The auditor of a legal practitioner’s trust account must normally ensure that they furnish the Council with an audit report within 6 months of the financial year end. A new firm which commences practice for the first time must also submit an audit report within 6 months of starting and in the case of closure of the firm it is required to submit, inter alia, an audit or inspector’s report within 3 months of the date on which the legal practitioner ceases to practice.
Click here to access the notice.