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Reminder: AUP (Agreed-Upon Procedures) Report required to claim back audit fees & bank charges on legal practitioner's trust accounts
- 24 April 2023
- Accounting
- South African Accounting Academy
Take note of the following Interim solution until SAICA issues the AUP report as guidance to its members:
The LPC will accept the following submissions as resolved by the LPFF (This means that both documents as indicated below will be accepted until the final approved AUP report is issued by SAICA in 2023):
- Application for refund of bank charges and audit fees signed by the auditor (signed under “the certification by auditor section”); or
- AUP report accompanying the application for refund of bank charges and audit fees.
- This is an AUP report developed by each audit firm following the ISRS 4400 (Revised) requirements. The procedures, which the auditor needs to agree with the legal practitioner firm, should, in principle, address sections A, B, C and D of the application for refund of bank charges and audit fees form, referred to under paragraph 7.2.
All stakeholders are advised that each audit firm will develop their own AUP report in terms of ISRS 4400 (Revised), as an interim measure pending the approval of the final AUP report.
Click on the following to access the Application for Refund of Bank Charges and Audit Fees form: https://www.fidfund.co.za/wp-content/uploads/2022/09/Application-for-refund-of-bank-charges-and-audit-fees.pdf
Click here to download the Notice issued by the LPFF:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Legal Practitioners Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider and assess compliance with the LPA and Guidance documents issued by the LPFF.
- As an accountant, you may need to advise your clients who are legal practitioners on compliance with the LPA and adherence to the latest guidelines issued by the LPFF.
Relevance to Your clients:
- A legal practitioner has a duty to comply with the Legal Practitioners Act.
- Your clients who are legal practitioners, must not only comply with the LPA, but they also have to adhere to the latest guidance documents issued by the LPFF.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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