155Appointment of external examiner to conduct external examination of trust records

155 Appointment of external examiner to conduct external examination of trust records

155 Appointment of external examiner to conduct external examination of trust records

(1) A law practice must once in each financial year have its trust records externally examined by a suitably qualified person appointed in accordance with the Uniform Rules as an external examiner.

Civil penalty: 50 penalty units.

(2) The designated local regulatory authority may examine, or may in writing appoint a suitably qualified person as an external examiner to examine, a law practice’s trust records if the designated local regulatory authority is not satisfied—

(a) that the law practice has had its trust records externally examined as required by this section; or

(b) that an external examination of the law practice’s trust records has been carried out in accordance with the Uniform Rules.

(3) An appointment by the designated local regulatory authority may be made generally or for the law practice specified in the instrument of appointment, or in relation to a particular external examination.

(4) If the only trust money received or held by a law practice during a financial year is transit money, its trust records in respect of that year are not required to be externally examined.

(5) The designated local regulatory authority may exercise the functions of an external examiner, and references in this Law to an external examiner appointed to examine a law practice’s trust records include references to the designated local regulatory authority when exercising those functions.