Law Society of Ontario Audit Day Assistance
The Law Society Audit Department has a mandate to conduct a Spot Audit on each firm every five years. All newly formed firms must be audited in the first twelve months of operation.
According to the Law Society, Spot Audits are “designed as a pro-active compliance measurement and problem detection tool, Spot Audits measure the integrity of law firm financial filing (By-Law 8), assess ongoing compliance with financial record-keeping requirements (By-Law 9) and the Rules of Professional Conduct, and identify serious misconduct related to financial matters. A primary goal, which reflects a remedial approach, is to provide on-site guidance aimed at helping your law firm correct minor deficiencies with your record-keeping practices before they lead to serious non-compliance or misconduct issues”.
The Law Society further states that “Spot Audit supports and promotes high quality law firm record keeping by answering questions and providing guidance regarding private mortgages, trust and general record keeping requirements, and By-Law 9 and providing onsite support and ensuring compliance with LSO requirements by conducting audits”. In other words, Spot Audits have varying degrees of benefits for the licensee.
At Bookkeeping Matters, we have been involved in numerous audits; we specialize in audit day preparation, whether proactively or retroactively.
We take pride in preparing and presenting your books in accordance with The Law Society of Ontario.
All we need from you is your source documentation.