In our last blog about preparing the reporting accountants report under the ROI Law Society Solicitors Accounts Regulations, 2014, we mentioned that the work involved is a quite onerous and responsible task, and carries with it the requirement for compulsory professional indemnity insurance at a minimum of €500,000.
Many accountants ask themselves the question – would the quality of my work be good enough to allow me to be alert to the following types of scenario that have occurred in legal firms?
- A partner in a law firm stole more than €750,000 from client’s accounts to finance the purchase of land, another payment was for a car worth €5,000, more was used to pay off credit card debts and pay a horse trainer. The sums taken ranged from €400 to more than €250,000, between 2002 and 2008.
- Another solicitor ran up a deficit of €2.4m on Clients’ funds by using money from the estate of a deceased person, along with a loan of €1.5 million from AIB against four properties and used the funds to gamble on ‘contracts for difference’.
To find out more about how watch for these and similar situations, come along to our next seminar on the Solicitors Accounts Regulations on Wednesday 29 November 2017 at 9am to 12.30pm. We will be joined by Seamus McGrath, FCA, Head of Financial Regulation at the Law Society of Ireland.
Wednesday 27 November 2017 9am to 12.30pm (Registration from 8.30am)
Location: Talbot Hotel Stillorgan (old Stillorgan Park Hotel), County Dublin
Price: €105 per person or €280 for three from the same office.
Delegate materials provided. Free parking at hotel.
Booking and further details at this link