A solicitor trust account auditor is an individual who is qualified to perform an audit of a solicitor's trust account. The auditor is not a lawyer or licensed to practice law in any state or country. The solicitor will typically hire an auditor to audit the trust account, and a solicitor can hire a private firm to perform the audit.
An auditor typically charges a service fee, usually less than $500.00. In some cases, the auditor may also be required to sign a non-disclosure agreement that prevents the auditor from disclosing information about the solicitor's trust account to anyone else.
Auditors are typically required to provide written confirmation of their findings. The auditor's report will typically contain a summary of the audit findings and conclusions, a list of all checks performed, the number of inspections performed, the total amount of money in the account, the number of transactions, the total number of deposits, the total number of withdrawals, the number of payments made, the total number of checks returned to the bank, the total number of payments received the total number of canceled checks and the total number of overdrafts.
A solicitor trust account auditor can audit any time during the year. If the solicitor does not have sufficient funds in his trust account to cover the cost of the audit, then the auditor may decline to perform the audit.
In addition, if the auditor determines that the solicitor has insufficient funds in his trust account to pay any outstanding bills, the auditor may decline to perform an audit.
The auditor may perform an audit after the first two weeks of the month, the second two weeks of the month, or the third two weeks of the month. The auditor will generally begin the audit after the first two weeks because this is when the most recent deposits are made.
A solicitor trust accounting software program will typically include features that will assist the auditor in performing an audit. For example, the program may automatically generate reports that can be printed and filed with the client's other records. This feature allows the auditor to avoid spending time writing detailed reports.
The auditor will generally use a computer to perform an audit. Most auditors will use a laptop computer; however, some may use a desktop computer. The auditor should take special care to ensure they do not leave personal information on the laptop while it is being used for an audit.
The auditor should also protect the computer against theft or damage.
The auditor must typically enter the client's check register information into the computer. To do this, the auditor will need to know the account number of each check. This information can be obtained by contacting the bank where the review was written.
If the auditor finds insufficient funds in the trust account to cover the cost of the audit, then the auditor will probably decline to perform the audit. However, in some cases, the auditor may find sufficient funds in the account to cover the audit's cost.
It is important to note that an auditor may not be able to determine whether or not the funds in the trust account are being misused. An auditor cannot tell if the funds are being misused by the client, the client's spouse, or the client's children.
Audit Tasks Of A Solicitor Trust Account
In this article, we will discuss the tasks of a solicitor trust account auditor. The jobs involved in auditing a trust account are similar to those of an accountant, and they are outlined below.
1) Identify the client's objectives for the audit
2) Determine whether the client has met their objectives
3) Identify any discrepancies between the client's objectives and the audit findings
4) Provide a report detailing the results of the audit
Tasks Involved In A Solicitor Trust Account Auditor
1) Identify The Client's Objectives For The Audit
It is essential to understand the client's objectives before starting the audit. A goal is a statement of what the client wants to achieve from the audit. It is usually stated as a question: "Will the audit help me to identify and resolve any issues with my clients' trust accounts?"
2) Determine Whether The Client Has Met Their Objectives
A client should have clearly defined objectives for the audit. If the client has not met these objectives, the auditor must consider this when deciding on the next steps.
For example, clients who have not met their objectives likely do not want the audit findings reported. Therefore the auditor should inform the client that the audit cannot be completed without further information.
3) Identify Any Discrepancies Between The Client's Objectives And The Audit Findings
If the client has not met their objective, the auditor must find out why. This can be done by asking the client questions such as: "Is there anything else that you would like the auditor to consider during the audit?" or "What more information would you like us to collect from your clients?"
The auditor should also ask the client to provide any documentation required to complete the audit.
4) Provide A Report Detailing The Results Of The Audit
Once the auditor has identified the discrepancies between the client's objectives for the auditing process and the findings of the audit, then they need to provide a report detailing the results.
The report should include the following:
1) A detailed report of the findings
2) A summary of the findings
3) Recommendations based on the findings
4) Recommendations regarding how the client can improve their trust accounting procedures
5) Recommendations regarding how the auditor can assist the client
Summary
This article discussed the tasks involved in a solicitor trust account auditor. These tasks are similar to auditors who audit a company's financial records.
Solicitor Trust Account Auditors
When you think of a solicitor trust account auditor, you will often think of someone who audits the solicitor's accounts and verifies that all transactions have been made per the law.
But a solicitor trust account auditor's job goes beyond checking whether everything has been done correctly. They also verify that the accounts are kept up to date. They make sure that there are no errors or omissions in the accounts. They also check to see no fraud or misappropriation of funds.
In short, they do all the work that the solicitor does, but they do it for free.
Why should you hire a solicitor trust account auditor?
You can save money by having a solicitor trust account auditor check your accounts. You can save time by having them do the work instead of you doing it yourself. You can save time and money if you hire an accountant to audit your accounts instead of paying a solicitor to do it for you.
How to find a good solicitor trust account auditor
Finding a solicitor trust account auditor experienced in this type of work is essential. They should be able to provide you with an accurate and detailed report on your accounts. If they can't give correct and thorough information, you should look elsewhere for help.
You should also find out how long the auditor has been doing this work. They should have plenty of experience to show they know what they're doing. The longer they've been doing it, the better their chances are of getting it right.
What to expect from a solicitor trust account auditor
If you hire a solicitor trust account auditors, you should expect them to do a lot of work for you. They should spend a lot of time reviewing your accounts, and they should spend a lot more time looking into any problems you may have than the solicitor would.
They should also be able to tell you what steps you need to take to rectify any problems that they may find. They should be able to recommend changes that you can make to your business practices to ensure that it remains legal and above board.