The Law Society of Ireland has introduced new Solicitors Accounts Regulations 2023 which will come into operation on 1 July 2023. Among the changes, there are new requirements for reporting accountants.
From 1 July 2023 reporting accountants must:
- Examine Balancing Statements prepared at quarterly intervals in respect of client-account transactions (currently these are examined at six monthly intervals);
- File reports within five months of the accounting date;
- Test-check that withdrawals of fees are notified to the clients;
- Test-check postings before and after the accounting date;
- File the Closing Reporting Accountant’s Reports within three months of cessation;
- Provide reasons for the withdrawal of approval of a Reporting Accountant;
- Report, directly to the Law Society, an opinion or a suspicion of a deficit, rather than waiting to submit an annual report; and
- Provide to the Law Society a list of any client ledger balances outstanding for two years or more prepared as at the accounting date.
The full text of the Regulations is here.
Please go to our website to see our new ISQM TOOLKIT or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard, please contact John McCarthy FCA by e-mail at john@jmcc.ie.
We typically tailor training and brainstorming sessions to suit your firm’s unique requirements.
Publications and AML webinars:
- The ISQM TOOLKIT 2022 is available to purchase here.
- See our latest Anti-Money Laundering Policies Controls & Procedures Manual (March 2022) – View the Table of Contents click here.
- Also we have an updated AML webinar (March 2022) available here, which accompanies the AML Manual. It explains the current legal AML reporting position for accountancy firms and includes a quiz. Upon completion, you receive a CPD Certificate of attendance in your inbox.
- To ensure your letters of engagement and similar templates are up to date visit our site here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items if bought together.
