LEGAL PROFESSION ACT 2007 - SECT 268 Law practice must have trust records externally examined

LEGAL PROFESSION ACT 2007 - SECT 268

268 Law practice must have trust records externally examined

(1) A law practice must, for each financial period for the practice and within 60 days after the end of the period, have its trust records externally examined by the practice’s external examiner.

Penalty—

Maximum penalty—100 penalty units.

(2) If the law society is satisfied a law practice has not had its trust records externally examined under this section or that an external examination of the practice’s trust records has not been carried out in the way prescribed under a regulation, the law society may appoint an external examiner to examine the practice’s trust records.

(3) Without limiting the generality of section 298 , this section has effect subject to any exemptions provided by or given under a regulation from the requirement to have trust records examined as otherwise required by this section.

(4) In this section—


"financial period" , for an entity that is a law practice, means—

(a) for the first period after the entity becomes a law practice—the period of not more than 12 months starting on the day the entity becomes a law practice and ending on 31 March; or

(b) otherwise—12 months ending on 31 March.