LEGAL PROFESSION ACT 2006 - SECT 241 Trust records to be externally examined
LEGAL PROFESSION ACT 2006 - SECT 241
Trust records to be externally examined(1) A law practice must at least once in each financial year have its trust records externally examined by an external examiner appointed as required by regulation.
(2) The law society council may appoint an external examiner to examine a law practice's trust records if the law society council is not satisfied—
(a) that the practice has had its trust records externally examined under subsection (1); or
(b) that an external examination of the practice's trust records has been carried out as required by regulation.
(3) This section has effect subject to any exemption under a regulation from the requirement to have trust records examined under this section.
(4) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1), the practitioner or practice commits an offence.
Maximum penalty: 50 penalty units
(5) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1), each principal of the practice commits an offence
Maximum penalty: 50 penalty units.
Note For this part, a reference to a law practice includes the principals of the law practice (see s 218 (Liability of principals of law practices under pt 3.1)).
(6) An offence against subsection (4) or (5) is a strict liability offence.