Accounting
Attorney Trust Accounts Update 2019 - Studio Recording
CPD Hours: 2
Price: R287.50
Title / Topic
Attorney Trust Accounts Update 2019 - Studio Recording
Attorney Trust Accounts Update 2019
Presenter: Lettie Janse van Vuuren
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
