Law Practice Trust Account Audits

It is a legal requirement that an external examination by a qualified auditor be performed annually for all Law Practices that operate a Queensland based Law Practice Trust Account.

At GMD Advisory our audit team specialise in the external examination of Queensland based Law Practice Trust Accounts. During the audit season our team travel across Queensland working with Principals and Practice managers to undertake year end trust account audits to ensure compliance with the Legal Profession Act & Regulations.

Why appoint GMD as your External Examiner this year?

1. Our audit team are highly skilled & 100% independent.

2. Our team have considerable commercial knowledge in a range of legal practice software solutions including Leap Legal, Open Practice, Action Step, Comparto, LawMaster & PCLaw.

3. External examinations are performed by qualified & experienced auditors, not junior staff.

4. Our audit team attempt to go beyond just performing an annual audit & publishing an External Examination Report to the QLS. We aim to promote best practice procedures to our legal firm clients to improve trust account procedures & controls.

5. We utilise class leading audit software to ensure accurate records and appropriate testings to mitigate the risk of fraud or error.

What are the steps to engage GMD as your auditor?

1. Contact our team via info@gmdadvisory.com or on 5628 0112 to discuss your law practice, internal software system and the types of matters practiced.

2. We will then provide you with an engagement letter and fixed fee quotation to ensure our indepedence. 

3. We will then prepare & lodge a QLS Form 31 notifying the QLS of our appointment as your external examiner.

4. Our team will contact your firms Partner or practice manager to arrange a suitable date and time to come to your premises and undertake the testing element of our audit.

Fixed Cost Annual External Examinations

For all legal firms practicing out of Queensland we are proud to offer fixed price annual external examinations for the 2019 Trust Account Audit Year regardless of how many hours the examination takes or how many monthly transactions the trust manages.

Contact our audit team on info@gmdadvisory.com.au or 5628 0112 and we can notify you of the 2019 Fixed Price Trust Account Audit Fees.

Any questions?

Feel free to contact our team on 5628 0112 or via email on info@gmdadvisory.com.au.

We look forward to working with you.